New Jersey, Massachusetts and Nevada are proceeding with proposals for a fiduciary standard, despite passage of the Securities and Exchange Commission’s Regulation Best Interest. Industry groups continue to oppose state fiduciary rules, citing concern that the rules would limit investor access to advice, particularly for low- and middle-income investors. Financial…
The Securities and Exchange Commission has approved Regulation Best Interest, but Tom Nally, president of TD Ameritrade Institutional, says he is worried states will try to impose a higher fiduciary standard on advisors. “We’re concerned about there being 52 standards out there,” Nally says.
Major banks say US trade policies will weaken the economy enough to force the Federal Reserve to cut interest rates. The two-year Treasury yield fell 14 basis points Friday to 1.92% after President Donald Trump threatened tariffs on Mexican goods if the country does not help curb illegal immigration to…
The IRS has released updated static mortality tables and mortality improvement rates. The data are intended to be used by defined-benefit retirement plans for funding targets and valuation calculations during 2020. PlanAdviser online
When the Securities and Exchange Commission adopts Regulation Best Interest, the Financial Industry Regulatory Authority will revise or eliminate its suitability rule, said Robert Colby, FINRA’s chief legal officer. Because FINRA will enforce Reg BI, it needs to look at whether there is any reason to keep the suitability rule,…
Rep. Ron Kind, D-Wis., plans to reintroduce 2018’s Retirement Enhancement and Savings Act in an effort to increase workers’ savings in retirement plans sponsored by employers. The bill would increase the tax credit for certain small-employer pension plans while providing additional tax credits to companies that offer 401(k) automatic enrollments,…
The Federal Reserve has left interest rates unchanged, said it would be patient with rate increases and shown willingness to adjust plans for reducing the size of its bond portfolio. The news boosted equity markets and triggered declines in Treasury yields and the US dollar. Yahoo/Bloomberg
The Federal Reserve is widely expected to announce that interest rates will remain unchanged after its two-day meeting concludes today. The news conference with Fed Chairman Jerome Powell will be keenly watched for indications regarding the future direction of rates and the Fed’s efforts to reduce its balance sheet. The…
Proposals to impose best-interest standards on insurance agents could be taken up by as many as 14 states. “There’s a narrative that we have to fix something but there’s no evidence that there’s something that needs fixing,” AssessBEST CEO Kim O’Brien said. InsuranceNewsNet Magazine online
Both the Securities and Exchange Commission and Department of Labor have included best interest standards on their agenda for fall 2019. The Labor Department is working on a revised fiduciary rule, and the SEC is in the process of reviewing comment letters and other feedback on Regulation Best Interest, including…
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