Senator Elizabeth Warren is seeking a government probe of advisory firms that have been talking out of both sides of their mouths when it comes to the Department of Labor's fiduciary standard. So reports The Hill.
The Securities and Exchange Commission’s decision to shift resources from broker exams to advisor exams has been driven by necessity, says Marc Wyatt, director of the examinations office. So reports Reuters.
The Department of Labor’s proposed fiduciary standard could create a big increase in orphan accounts, which are accounts that end up being managed by home offices rather than by broker-dealers registered reps, says Paul Sankovich, chief compliance officer at Wells Fargo Advisors Financial Network. So reports Wealth Management.