Advisory firms have spent a copious amount of time this year preparing for the Securities and Exchange Commission’s telegraphed focus on Regulation Best Interest violations, particularly the treatment of complex products. But the agency threw a fastball at the end of October—when it hit JP Morgan affiliates for a litany of infractions, including failing to […]
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Across North America, Regulation Best Interest (Reg BI) and Client Focused Reforms (CFRs), were designed to place investors’ interests at the forefront of financial decision-making. While its goals are laudable, its implications for wealth management firms have sparked a challenging but necessary transformation. Financial advisors and firms, long accustomed to managing client relationships and executing […]
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The Securities and Exchange Commission (SEC) announced its exam priorities for 2025, signaling a continued focus on investment advisors, broker-dealers, and Regulation Best Interest (Reg BI). This was later summarized in a FA magazine blog. In this blog, we’ll highlight the key areas the SEC plans to scrutinize and solutions designed to support firms in […]
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Navigating Regulatory Exams in the Best Interest Era The financial industry is constantly evolving, particularly with the introduction of new regulatory requirements. In a recent InvestorCOM webinar, industry experts gathered to share their insights on navigating regulatory exams in the context of the Best Interest (BI) era. This panel explored recent enforcement trends, compliance strategies, […]
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On October 31, 2023, the Department of Labor (DOL) proposed a new rule aimed at “Improving Investment Advice for Workers & Retirees”. InvestorCOM hosted a webinar, with the wealth industry’s most trusted and seasoned experts, to discuss this new proposal. Prior to the webinar, InvestorCOM asked our webinar attendees the following poll questions. Here are the results.
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The third week of October 2023 marked a momentous occasion for me. It was my first ever attendance at the National Society of Compliance Professionals conference, and I must say, it did not disappoint.
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It has been almost two years since Regulation Best Interest (Reg BI) came into effect. Recently, the Financial Industry Regulatory Authority (FINRA) published their 2022 Exam Report. The report brings renewed attention to meeting the regulatory requirements, as it shows that many broker-dealers (B-Ds) are failing to address various aspects of Reg BI’s Care Obligation. […]
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Two major regulatory changes are currently bearing down on financial professionals and broker-dealers. Regulation Best Interest (Reg BI) came into effect on June 30, 2020, requiring that broker-dealers and financial professionals ensure their recommendations are in a client’s best interest. This means evaluating recommendations based on cost, risk and return factors; considering reasonable alternatives; disclosing […]
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With SEC examinations ramping up and PTE 2020-02 deadline around the corner, we invited Issa Hanna from Eversheds Sutherland and John Carl from Retirement Learning Center to share their observations regarding Reg BI examinations and enforcement and what firms and financial professionals can do to mitigate risk. == Parham Nasseri (PN): What were the biggest […]
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