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The Senate voted 60 to 39 this afternoon to approve sweeping changes to the financial regulatory system designed to address the causes of the 2008 financial crisis.

The Department of Labor issued an interim final rule on fee disclosure in 401(k) plans Thursday morning. The final Rule 408(b)2 relieves plan sponsors and their fund providers and consultants from having to share and store written documentation on disclosure obligations.

Fund managers could end up finding out about corporate agendas far sooner and disclosing far more about their voting activities if some of the Securities and Exchange Commission’s proposed changes to the proxy system eventually become effective.

Schwab Charitable reported Thursday it received record annual contributions to its donor-advised fund in fiscal year 2010, driven by the surge in the stock market last year and the conversion of private foundations to donor-advised funds that were less costly and time consuming.

A new executive at JHS Capital looks to expand into South Carolina, plus more people on the move for the week.

If your clients are confused on the current process, it sounds like the communication between you and them could do with some improvement too.

Morningstar says that Hartford needs to cut fees more to truly compete.

Baird announced Thursday it hired Bill Welsh to head its San Francisco wealth management office. With the addition of Welsh, the firm has boosted its ranks by 36 advisors and branch managers since the beginning of the year.

Barclays Wealth plans to expand in the next five years. Wednesday, it announced it hired Stefanie Drews as managing director of ultra-high-net-worth for the United Kingdom and Europe, Middle East and Africa.

Despite the hire, recruiters say the firm has an uphill climb to lure others.

No one’s said anything yet about it, but a fiduciary standard will mean not just keeping an investor’s interests ahead of one’s own. It will also mean making sure that customer knows what that is costing.

Assets under management declined 5% to $1.16 trillion as customers withdrew $29 billion from cash-like funds during the quarter and $126 billion over the past year.

Sens. Blanche Lincoln, D-Ark., and Jon Kyl, R-Ariz., have introduced a proposal to reform the federal estate tax, which temporarily expired this year but is slated to increase to up to 55 percent next year for estates over $1 million.

Move follows dispute over sale of Asian life unit.

JPMorgan Chase on Wednesday named Jeff Urwin and Kevin Willsey new co-heads of investment banking for the United States and Canada, according to an internal memo obtained by IDD.

The reform bill, which the Senate could pass tomorrow, would give the central bank expansive new powers, but also heaps additional responsibilities on it.

Affluent investors ended the first half of the year on a sour note, their confidence slipping seven points in June, to minus-12 on Spectrem Group's Affluent Investor Confidence Index, but advisers say that falling confidence presents an opportunity rather than an obstacle.

Despite investor concerns about a global economic recovery, BlackRock's Bob Doll and Deutsche Bank's Ben Pace are optimistic.

In its long-awaited concept release on the proxy “plumbing” process, the Securities and Exchange Commission on Wednesday sought public comment on making changes to the proxy voting and distribution system but fell far short of advocating any major overhaul.

In its long-awaited concept release on the proxy “plumbing” process, the Securities and Exchange Commission on Wednesday sought public comment on making changes to the proxy voting and distribution system but fell far short of advocating any major overhaul.