Regulation Best Interest

The "model rule" for state regulators is meant to help clients distinguish between advisors who earn management fees and brokers who collect transaction-based commissions.

The SEC has charged Thrivent Investment Management for failing to comply with Regulation Best Interest's care and compliance obligation in connection with recommendations to retail investors in 529 Savings Plans.

Enforcement Director Gurbir Grewal said the answer to the question of whether the rule has changed anything “remains to be seen.”

The regulator plans to focus on Reg BI, ESG criteria, private funds, cybersecurity and crypto assets in 2022, according to its closely watched report.

The settlements pose an impact to the firms accused of neglecting their Form CRS, but not to giant wealth managers bracing for stronger enforcement.

The XY Planning Network of fee-only advisors and investment advisor Michael Kitces say consumers are being deceived when brokers use labels like “wealth manager” and “financial advisor.”

The trade group’s continued support comes with caveats as advocates for a stronger rule express hope that the Biden administration will change the 2019 regulation.

Such changes can occur without new rulemaking, agree fiduciary advocates and ex-regulators at an Institute for the Fiduciary Standard press conference

The litigation reveals how wealth managers’ deals with product sponsors work and how one with a former Voya unit went awry.

Peggy Ho built the rival firm’s government relations team, and she’s joining the new firm at a pivotal time in wealth management regulation.

Following through on its staged approach to new advice standard, industry regulator expected to be less patient with the "laggards."

In the new Form CRS, firms must justify whether they place client assets in advisory or broker accounts.

Consumer advocates are calling for Gary Gensler to toss out Reg BI as wealth managers aim to keep the prior administration’s rule in place.

SEC cases that go beyond faulting firms for their failure to disclose conflicts of interest have drawn pushback from the industry.

The regulation permits more exemptions from fiduciary duties, but may itself be replaced by the incoming Biden administration.

Planners and experts dive into wirehouse pay, charging clients at a higher rate, emerging business models and other key issues.

Existing regulations that protect investors and deliver clarity to the industry must be preserved by the incoming administration, writes Financial Services Institute CEO Dale Brown.

While FINRA rules spell out what brokers generally need to determine a client's financial situtation, there can be gray areas, an expert says.

Democrat Joe Biden is expected to name his SEC chairman pick in the coming weeks.

With a new administration, the regulator has an opportunity to renew its focus on a key pillar of its mission.