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      PLANADVISER

    • Retirement Industry People Moves
      Milliman adds regional manager for benefits sales; American Century Investments adds hires for Avantis Investors; RiskFirst builds NYC software development office; and more. The post Retirement Industry People Moves appeared first on PLANADVISER.... Read more »
    • Debt Inhibits Workers from Saving
      Fifty-seven percent of workers would like to make their own financial decisions but have someone validate those decisions, and 31% want specific advice, PwC found. The post Debt Inhibits Workers from Saving appeared first on PLANADVISER.... Read more »
    • Trump Announces Nomination for Secretary of Labor
      Eugene Scalia, son of late Assistant Supreme Court Justice Antonin Scalia, was part of the team that defended the Chamber of Commerce in its lawsuit against the previous DOL fiduciary rule. The post Trump Announces Nomination for Secretary of Labor appeared first on PLANADVISER.... Read more »
    • GoalPath Offers Suite of Tools to Help With Retirement Outcomes
      The program from GoalPath offers target-date funds that consider not just a participant’s age but other data, and it emphasizes retirement income over account balances. The post GoalPath Offers Suite of Tools to Help With Retirement Outcomes appeared first on PLANADVISER.... Read more »
    • FINRA Share Class Sweep Highlights Importance of Cooperation
      The regulator granted significant credit for “extraordinary cooperation” to those firms which were proactive in identifying and fixing issues related to fee waivers for certain mutual fund share classes. The post FINRA Share Class Sweep Highlights Importance of Cooperation appeared first on PLANADVISER.... Read more »
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      Kitces

    • Weekend Reading for Financial Planners (July 20-21)
      Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the big industry news that the CFP Board has decided to delay enforcement (but not the rollout itself) of its new fiduciary standard, allowing brokerage firms another 9 months (from October of 2019... Read more »
    • The Great Convergence And The Death Of Fiduciary Differentiation (For RIAs)
      For the past several decades, RIAs have increasingly differentiated themselves and their advice from competing broker-dealers by the “best interests” fiduciary standard that RIAs owe to their clients, from outright marketing themselves as fiduciaries, to signing “Fiduciary Oaths” for clients (that other broker-dealers wouldn’t and couldn’t sign). The fiduciary distinction... Read more »
    • Weekend Reading for Financial Planners (July 13-14)
      Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the big Advisor #FinTech news that Orion is acquiring financial planning software Advizr for a whopping $50M in an effort to expand its platform towards more holistic wealth management and provide advisory firms... Read more »
    • mp3#FASuccess Ep 132: Finding The Confidence To Avoid Discounting And Charge The Fee You’re Really Worth, with Linda Leitz
      Welcome back to the 132nd episode of Financial Advisor Success Podcast! My guest on today’s podcast is Linda Leitz. Linda is the president of Peace of Mind Financial Planning, an independent RIA based in Colorado Springs providing comprehensive financial planning services on a retainer fee basis to nearly 100 clients... Read more »
    • Weekend Reading for Financial Planners (July 6-7)
      Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the news that broker-dealers are stepping up their efforts to fight the CFP Board’s fiduciary rule taking effect in October, with a formal letter through the American Securities Association asking the CFP Board... Read more »
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      NAPA

    • Is Fiduciary Responsibility Retroactive?
      A federal judge has weighed in on a question relevant to new plan committee fiduciaries: When and how does their liability for the decisions of previous committee members begin?... Read more »
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      fi360 Blog

    • Mario Giganti of Cornerstone Capital Advisors + Fi360
      Mario Giganti, president and senior advisor at Cornerstone Capital Advisors, talks about how he and his team use Fi360's tools and education to help their clients understand and build a prudent fiduciary process.“That’s where I believe Fi360 has been transformational. Its impact on other advisors and the fiduciary industry and... Read more »
    • ICYMI - June 28, 2019
      In Case You Missed It: Here is your roundup of recent news, webinars and information that made an impression on us.NEW Fi360 Webinars Are Live Since our last ICYMI blog post, we have hosted both the "Reg BI Cometh!" and "What Crayola Color of 3(16) Does Your Vendor Provide?". You can... Read more »
    • All Things Fiduciary
      Kathleen M. McBride, AIFA®, Founder, Fiduciarypath, LLC and CEFEX-certified analyst, talks about her journey from advisor to journalist to fiduciary ambassador. This article originally appeared in the 2019 Conference edition of Sage Magazine, an Fi360 publication.  My dad taught me about the meaning of fiduciary when I was about five... Read more »
    • ICYMI - June 14, 2019
      In Case You Missed It: Here is your roundup of recent news, webinars and information that made an impression on us. Reg BI Cometh! * Who isn't talking about the SEC's decision on Regulation Best Interest on June 5? Our subject matter experts have a lot to say about the latest... Read more »
    • Rebecca Hourihan + Fi360
      We asked Rebecca Hourihan why she enjoys working with Fi360. Hear what she had to say! 2019 marks Fi360's 20th year of promoting fiduciary excellence. We asked some of the folks in our community to share why they work with Fi360. Because let's face, they say it way better than... Read more »
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      SFP

    • A Proper Interpretation of the Investment Advisers Act's Fiduciary Standard
      To the reader.Following is my rather lengthy comment letter to the U.S. Securities and Exchange Commission (SEC) regarding their 2018 proposed interpretation of the fiduciary standards arising under the Advisers Act. In this letter I provide a more complete exploration of the investment adviser's fiduciary duties, under state common law,... Read more »
    • Advisers Face Perils When Firms Tell Them to Ignore the DOL Fiduciary Rule
      As I've been touring the country and speaking with advisers, I'm astonished at the number of broker-dealer and dual registrant firms that have, apparently, told their own advisers to "not worry" about the U.S. Department of Labor's "Conflict of Interest" (Fiduciary) Rules (and the related prohibited transaction exemptions, such as... Read more »
    • 8 Thoughts and 4 Questions on the DOL Fiduciary Rule and Its Impacts
      As I write this on Tues., 6/13, the fourth day of adherence to the DOL's fiduciary rules (i.e., its "Conflict of Interest Rule" and related prohibited transaction class exemptions) has been completed. And the world of financial services continues to revolve.Over the past few weeks I've had a number of... Read more »
    • On June 9th Strict Fiduciary Obligations to Arise for Advisors to Most ERISA, IRA Accounts: Are You Ready?
      April 13, 2017, REVISED June 2, 2017THE ADOPTION OF THE DoL's "DEFINITION OF FIDUCIARY" AND "IMPARTIAL CONDUCT STANDARDS" - NOW EFFECTIVE JUNE 9, 2017 - WILL HAVE LARGER IMPACTS ON FINANCIAL SERVICES THAN MANY MIGHT IMAGINE.It was a somewhat surprising, and yet brilliant, move, the U.S. Department of Labor ("DoL")... Read more »
    • The DOL Fiduciary Rule: Simply Great for the U.S. Economy, American Corporations
      Dear U.S. Dept. of Labor Secretary Acosta:Two very important considerations relating to U.S. Business and the U.S. Economy are often overlooked in discussions about the DOL’s Conflict of Interest Rule:FIRST - The Rule Benefits American Business, via Minimization of the Risks of Plan Sponsors.Currently firms that sponsor ERISA-covered qualified retirement... Read more »
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      SECLaw Blog

    • SEC Charges Engine Manufacturing Company Executives With Accounting Fraud
      The Securities and Exchange Commission today charged the former chief executive officer of a Chicago-area engine manufacturing company and two former senior sales executives for their roles in an accounting fraud that allegedly overstated the publicly-traded company’s revenues by almost $25 million.According to the complaint, filed in federal court in... Read more »
    • SEC Obtains Asset Freeze in Microcap Pump and Dump Scheme Targeting Elderly Retail Investors
      The Securities and Exchange Commission today announced an emergency action charging two individuals with running a pump and dump scheme targeting retail investors. The SEC also obtained an emergency court order freezing the defendants' assets.According to the SEC's complaint, Florida resident Garrett M. O'Rourke and Maryland resident Michael J. Black worked together... Read more »
    • SEC Charges Portfolio Manager with Mispricing Fund Investments
      The Securities and Exchange Commission today announced settled administrative proceedings against Swapnil Rege, a North Brunswick, New Jersey portfolio manager and trader, for mispricing private fund investments, resulting in a large personal bonus.According to the SEC's order, from June 2016 to April 2017, while employed by the fund's adviser, Rege... Read more »
    • SEC Retail Strategy Task Force to Host Roundtable on Combating Elder Investor Fraud
      The Securities and Exchange Commission today announced that its Retail Strategy Task Force will host a roundtable on October 3 on combating elder investor fraud. The roundtable will focus on the types of fraudulent and manipulative schemes currently targeting elder investors. The roundtable also will explore views from a broad... Read more »
    • Morgan Stanley Sanctioned THREE MILLION DOLLARS for Discovery Abuse
      Finally, a FINRA Arbitration Panel who enforces their discovery award. In a customer arbitration, Morgan Stanley was ordered to produce documents related to the termination of one of its key employees. It did not do so. During the hearing, the Panel issued the same Order as was previously issued by the... Read more »
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      SEC: Press Releases

    • SEC Charges Portfolio Manager with Mispricing Fund Investments
      The Securities and Exchange Commission today announced settled administrative proceedings against Swapnil Rege, a North Brunswick, New Jersey portfolio manager and trader, for mispricing private fund investments, resulting in a large personal bonus. According to the SEC's order, from June 2016 to April 2017, while employed by the fund's adviser,... Read more »
    • SEC Retail Strategy Task Force to Host Roundtable on Combating Elder Investor Fraud
      The Securities and Exchange Commission today announced that its Retail Strategy Task Force will host a roundtable on October 3 on combating elder investor fraud. The roundtable will focus on the types of fraudulent and manipulative schemes currently targeting elder investors. The roundtable also will explore views from a broad... Read more »
    • Former REIT Manager and Executives to Settle SEC Charges for More Than $60 Million
      The Securities and Exchange Commission today charged AR Capital LLC, its founder Nicholas S. Schorsch, and its former CFO Brian Block with wrongfully obtaining millions of dollars in connection with two separate mergers between real estate investment trusts (REITs) that were sponsored and externally managed by AR Capital. The defendants agreed to... Read more »
    • SEC and NASAA Explain Application of Securities Laws to Opportunity Zone Investments
      The Securities and Exchange Commission and the North American Securities Administrators Association (NASAA) have issued a summary that explains the application of the federal and state securities laws to opportunity zone investments. The "opportunity zone" program was established by the Tax Cuts and Jobs Act in December 2017 to provide tax incentives... Read more »
    • SEC Staff Publishes Statement Highlighting Risks for Market Participants to Consider As They Transition Away from LIBOR
      The Securities and Exchange Commission today announced that SEC staff have published a statement that encourages market participants to proactively manage their transition away from LIBOR and outlines several potential areas that may warrant increased attention during that time. It is expected that parties reporting information used to set LIBOR will... Read more »
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        Schwab News

      • Schwab Advisor Services Announces Recipients of the 2018 IMPACT Awards®
        Dateline City: WASHINGTON BEST-IN-BUSINESS IMPACT AWARD™ - JMG Financial Group PACESETTER IMPACT AWARD™ - Rebalance, LLC TRAILBLAZER IMPACT AWARD™ - The Colony Group BEST-IN-RETIREMENT BUSINESS AWARD™ - Fiduciary Investment Advisors, LLC WASHINGTON--(BUSINESS WIRE)--Schwab Advisor Services today announced the recipients of the 13th annual IMPACT Awards® for independent investment advisor firms.... Read more »
      • A Decade Since the Financial Crisis Began, Schwab’s Bernie Clark Champions the Rise of Independent, Fiduciary Advice
        Dateline City: WASHINGTON WASHINGTON--(BUSINESS WIRE)--Speaking to more than 5,000 attendees at Schwab IMPACT®, the largest and longest-running event for independent advisors, Bernie Clark, executive vice president and head of Schwab Advisor Services™, pointed to the industry’s trajectory of growth over the past decade and underscored the critical importance of independent... Read more »
      • Momentum Continues in Advisors Moving to Independence
        Dateline City: SAN FRANCISCO Twenty percent year-over-year increase in new independent advisor firms Schwab announces keynote lineup for IMPACT® 2018 in Washington, D.C.; Janet Yellen and other prominent thinkers to address attendees one week before midterm elections SAN FRANCISCO--(BUSINESS WIRE)--Schwab Advisor Services today released its analysis of U.S. Securities and... Read more »
      • Schwab Advisor Services™ Unveils Plans to Expand Digital Account Open Feature
        Dateline City: MIAMI BEACH, Fla. Industry’s leading custodian deepens integration with Orion Advisor Services Schwab’s advisor tech team competes in Ascent/FUSE 2018 marathon coding event MIAMI BEACH, Fla.--(BUSINESS WIRE)--Today at the Orion Ascent conference, Schwab Advisor Services previewed its Digital Account Open tool, which will be in pilot for independent... Read more »
      • Schwab Advisor Services™ Recognizes Three Firms for Operational Excellence in Digital Tool Adoption and Operating Discipline
        Dateline City: SAN FRANCISCO Advisors report continued progress in integrating technology solutions at regional SOLUTIONS ® workshops SAN FRANCISCO--(BUSINESS WIRE)--Advisors are realizing the benefits of technology and workflows within their firms according to a survey of approximately 2,000 attendees at Schwab Advisor Services’ annual SOLUTIONS® events. Through these one-day workshops... Read more »
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        TD Ameritrade News

      • Inclusivity. A win-win-win.
        When you do work that matters, in a way that reveals your values, you’re sending a message to everyone around you. As we’ve seen over the past few years, the values of a firm and its leaders can no longer be a secret. Or separate. They are intertwined with the... Read more »
      • How much gas is left in the tank?
        Markets have staged an impressive uptrend since the March 2009 lows, with the S&P 500 Index up nearly 320% over that time frame. Skeptics have been calling the top since 2010, not long after the rally began. Recently, however, signposts are appearing that may indicate changes on the horizon. Every... Read more »
      • Turbulent skies ahead for junk bonds
        Below investment grade corporate debt (“junk bonds”) can be an integral component of many portfolios’ composition and performance. They command a higher risk premium, as they are issued by companies that have uncertain financials, high debt levels, and/or poor earnings. As a result, their trading prices can be extremely volatile.... Read more »
      • Learn more about the SEC’s proposed advice standards
        Hard to believe it’s been more than 13 years since TD Waterhouse submitted a comment letter to the Securities and Exchange Commission expressing its concerns about the “Merrill Lynch Rule,” which allowed brokers to charge fees for brokerage accounts yet not answer to fiduciary obligations under the ‘40 Act. When... Read more »
      • Is King Dollar’s crown losing its luster?
        Over the last two years, we have seen major changes in the Federal Reserve’s monetary policy, unanticipated developments in U.S. fiscal policy reform and infrastructure plans, steady rises in U.S. Treasury yields, and tumultuous global geopolitical events. Yet these have largely been unable to sustain the 2013–2015 bull market in... Read more »
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        Envestnet News

      • Envestnet | Tamarac Introduces Integration with RightCapital
        CHICAGO, Nov. 30, 2017 /PRNewswire/ -- Envestnet | Tamarac (www.tamaracinc.com) announced a new integration with RightCapital, Inc., a leading financial planning software platform for Registered Investment Advisors and independent broker-dealers. RIAs who use RightCapital to help their investor clients with financial and tax planning now will be able to pull... Read more »
      • Envestnet | Tamarac Launches a New Version of Its Comprehensive RIA Platform
        Upgraded Platform Combines its Award-Winning Portfolio Management, Client Portal and Rebalancing Capabilities into a Single Application CHICAGO, Nov. 14, 2017 /PRNewswire/ -- Envestnet | Tamarac announced today it has launched the Tamarac platform, a completely redesigned version of  its comprehensive portfolio and client management software solution for independent Registered Investment Advisors... Read more »

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