Each week we’re giving you our weekly report highlighting the top compliance news articles from various industry news publications. We have selected the most relevant and important news articles related to registered investment adviser (RIA) compliance and regulatory issues. Check back each week for the latest list of top stories.
Here’s our top investment adviser compliance articles for the week of June 13, 2015:
- Use of “Fee Only” Inappropriately or Any Use of “Fee Based” Can Violate Federal/State Laws (Author Ron Rhoades, Scholarly FP Blog)
In this terrific piece authored by Ron Rhoades on his blog, he discusses why RIA firms should be avoiding the use of the “fee only” and “fee based” terms. He also breaks down the varying definitions of such terms by the National Association of Personal Financial Advisors (NAPFA) and Certified Financial Planner (CFP) Board of Standards, Inc.
- SEC’s Gallagher says agency unfairly cracks down on compliance officers (Author- Mark Schoeff, InvestmentNews)
Mark Schoeff breaks down the dissenting opinion issued by Securities and Exchange Commission (SEC) member Daniel M. Gallagher as it relates to the agency’s treatment of Chief Compliance Officers (CCOs) in recent settlements.
- Are Clients’ Interests Really Coming First? (Author- Danny Sarch, Financial Planning)
Most advisers claim to always act in their client’s best interest. Danny Sarch explains the difference between a suitability standard and a fiduciary standard as it relates to investment advisers and broker-dealers.
- Fiduciary Fight Heats Up on Hill (Author- Megan Leonhardt, WealthManagement)
The House Committee on Appropriations released its spending draft proposal for the Labor, Health and Human Services funding bill which restricts funding related to the Department of Labor’s fiduciary proposal. Megan Leonhardt takes a look at this developing funding battle.
- DOL Defends Fiduciary Rule before House Panel (Author- Kenneth Corbin, Financial Planning)
The Department of Labor (DOL) Secretary gave his defense regarding the fiduciary proposal and argued that it is too common for broker-dealers to put their own interests ahead of their clients. Kenneth Corbin explores the meeting on Capitol Hill.
Be sure to check back next Friday for next week’s top articles!