Practice

More than 80% of investment advisors would prefer to pay user fees to fund greater SEC oversight than to be overseen by a self-regulatory organization, a major new study found.

Before the Department of Labor rewrites its proposal to redefine fiduciary responsibility — a new proposal is expected in the first half of 2012 — there are three changes SIFMA would like to see in the rulemaking process.

This week, IRA expert Ed Slott tackles a variety of questions from investors and accountants on beneficiary IRAs, hardship withdrawals and reconverting traditional IRAs back into Roth IRAs.

FINRA also orders the firm to make restitution for not providing breakpoints on unit investment trust sales and for unsuitable sales of reverse convertibles to older customers.

The 11th quarterly Allstate-National Journal Heartland Monitor Poll found that near-retiree Baby Boomers have pushed back initial plans to retire from an average of age 60 to 66. Additionally, 68% of Baby Boomers expect to work in some form after retirement, the survey of 1,200 Americans found.

The 11th quarterly Allstate-National Journal Heartland Monitor Poll found that near-retiree Baby Boomers have pushed back initial plans to retire at age 60, to 66. Additionally, 68% of Baby Boomers expect to work in some form after retirement, the survey of 1,200 Americans found. Only 11% of current retirees currently work.

Joe Russo has been elected chair of the Financial Services Institute’s 2012 Board. Russo, founder of Advantage Financial Group, is the first financial advisor to chair the board.

The FBI said it had 2,500 active corporate and securities fraud investigations under way at the end of its 2011 fiscal year.

Despite the historic equity market decline of 2008-2009, most 401(k) participants earned positive investment returns in the five-year period ended 2010, according to Vanguard. In fact, the average return was 3.76% a year, not including the impact of continued contributions.

Despite the historic equity market decline of 2008-2009, most 401(k) participants earned positive investment returns in the five-year period ended 2010, according to Vanguard. In fact, the average return was 3.76% a year, not including the impact of continued contributions.