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Summary: During a question and answer session at a Regulation Best Interest seminar held by the Securities Industry and Financial Markets Association at WilmerHale in Washington, Brett Redfearn, director of the SEC’s Division of Trading and Markets, said that while the agency “talked about a uniform standard” for brokers and advisors while crafting its four-pronged advice-standards package, “it became very clear to me in the early stages these are different forms of advice” offered by advisors and brokers. “There was no magic in the term fiduciary,” Redfearn said, adding that it “was not clear that everybody had a clear understanding of what fiduciary meant.”
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Summary: With the July 4 holiday fresh in our minds, it strikes me that the word "independence" by itself no longer accurately describes the phenomenon that is changing the wealth management industry today.
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Summary: [Podcast] One of the top concerns we hear from advisors considering independence is, “How can an independent firm possibly compete on a technology level with the wirehouses?”
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Summary: That the SEC had to furnish a reassuring answer this week — to a question about a status quo never before in doubt — is another sign of the upheaval generated by the commission’s new Regulation Best Interest rules package.
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Summary: The Securities and Exchange Commission's new reforms on financial advice could push firms to rethink how they invest in technology.
