Banco Popular de Puerto Rico

“My clients are hard-working young professionals on Wall Street. I don’t have a lot of good news for them,” said Douglas Boneparth, an advisor in New York who counsels people throughout the industry.

More than 15 similar products have been proposed since 2013. Some applications were withdrawn. Others are in purgatory.

Geography, occupation and family size will determine whether the bill helps or hurts.

The scheme ensnared about 8,400 investors, the regulator says.

The industry has resisted the SEC’s Consolidated Audit Trail surveillance system ― dubbed CAT ― in its current form based on cybersecurity concerns.

The aim of the so-called systematic internalizer is to lift some of the regulation’s most onerous reporting requirements from its trading partners.

Investing fees have fallen for the past few years and there may be no end in sight.

Some brokerage firms are concerned that the tax overhaul could spur their employee advisors to set up their own shops or switch firms to lower their tax bills.

Sponsors can bill the products however they’d like, but the bar to proving they work as advertised is high.

Financial planners report wide demand to learn how to exploit changes in the tax code.