News & Analysis as of

Financial Adviser

Consultation on personalised robo-advice

by DLA Piper on

As you will be aware from our previous updates on robo-advice, personalised financial advice in New Zealand must be given by a human being. This is limiting the development of robo-advice models in the New Zealand market and...more

UK: Government sets out in the Queen's Speech measures for protecting insurance customers

by Hogan Lovells on

The government has today set out the details of its legislative programme for the next two years in the Queen’s Speech.  One of the issues to be addressed in this parliamentary session will be tackling the “compensation...more

After Settlement By Director Defendants Of Merger-Related Fiduciary Duty Breach Claims, Delaware Chancery Court Rejects Financial...

by Shearman & Sterling LLP on

On May 26, 2017, Vice Chancellor J. Travis Laster of the Delaware Court of Chancery granted plaintiffs’ request to sever and stay fiduciary duty breach claims settled with directors of Good Technology Corporation (“Good”) and...more

The Thing about Payroll Provider TPAs

by Ary Rosenbaum on

Last week, I published on JDSupra.com my annual article regarding payroll provider third party administration (TPAs) firms and my recommendation that using them is a bad mistake....more

No Further Delay on Implementation Date of DOL Conflict of Interest Rules

In a May 23, 2017, op-ed in The Wall Street Journal, Secretary of Labor Alexander Acosta indicated that the conflict of interest regulation (commonly referred to as the fiduciary rule) issued by the Department of Labor (DOL)...more

Fiduciary Rule to Go Into Effect but DOL Provides Temporary Non-Enforcement Policy

by Snell & Wilmer on

As reported in our April 18th blog, the Department of Labor (“DOL”) officially delayed the applicability of the Fiduciary Rule for 60 days, until June 9, 2017. Given the multiple delays leading up to the proposed June 9th...more

FCA Announces Review on Availability of Information Before IPO

by Jones Day on

May 2017 On 1 March 2017, the FCA published a consultation paper proposing a number of policies aimed at improving the information made available to investors during the initial public offering ("IPO") process. The paper also...more

Make sure everyone is on board with the change

by Ary Rosenbaum on

Sometimes no matter how hard you work on a plan and do such a great job, oe person working for your client can cost you them as a client....more

Why you have bad funds in 401(k) plans

by Ary Rosenbaum on

A few years ago, researchers from the business schools at the University of Indiana and the University of Texas at Austin looked at some data to try to figure out why many poor 401(k) investment choices linger on fund...more

Colorado Proposes New Cybersecurity Rules For Financial Advisers

by Dentons on

Earlier this month, the Colorado Division of Securities released a set of proposed changes to the Colorado securities laws that would, if adopted, impose strict cybersecurity requirements on investment advisers and...more

Advisors Should Care About Plan Design

by Ary Rosenbaum on

In sports and in business, you are only as good as the team that you are on. I have been on some good teams and not so good teams, so I know that sometimes I was only as good as an ERISA attorney if my fellow employees were...more

SEC Approves New Rules Enabling Financial Advisors to Defend Vulnerable Clients from Exploitation

by Stinson Leonard Street on

Financial exploitation of aging and mentally diminished investors by family members and third parties is on the rise. With America's senior population growing rapidly, this problem may only get worse. More than half of all...more

The new pensions advice allowance: implications for trustees

by Hogan Lovells on

As announced in the 2016 Autumn Statement, pension schemes may (but will not be required to) allow members to withdraw up to £500 from their defined contribution (DC) pension pots to pay for financial advice about retirement....more

New Jersey Federal Court Finds Financial Advisers Exempt as Administrative Employees: A Trend?

by Fox Rothschild LLP on

The issue of the exempt status of financial services employees has been explored in numerous cases for many years and in different parts of the country. Now, there is a new chapter to add to this saga. On February 28, 2017,...more

Fairhold Securitisation – Can Noteholders Claim Advisers’ Fees Through the Trustee?

by Reed Smith on

This week saw the High Court clash between the swap provider, UBS, and the recently appointed replacement note trustee (Glas Trust Corporation) on the embattled Fairhold Securitisation. The dispute at hand centres on whether...more

Financial Adviser Update Regarding Disclosure of Fees

by McGuireWoods LLP on

A recent Delaware Court of Chancery case, Vento v. Curry, highlights Delaware courts’ treatment of financial adviser relationships, how these relationships intersect with directors’ fiduciary duties, and the importance of...more

FINRA’s Engagement Initiative

In our capacity as advisers to financial institutions, we carefully monitor FINRA’s rulemaking and enforcement activities with a view to thinking about how these affect market participants and their activities. FINRA’s March...more

Recent comments from ASIC regarding licensing

by Dentons on

Members of our team were invited to attend a licensing liaison meeting at ASIC’s offices in Sydney last Thursday....more

Don’t hire relatives as your plan providers

by Ary Rosenbaum on

I have some simple rules to live by. I never bet on the Mets, eat at a place called Mom’s, play cards with a guy named Doc, or do business with family. Yet I have come across so many financial advisors who bemoan to me...more

Public Finance Update – SLGS Window Closing

by Bracewell LLP on

On March 8, 2017, the U.S. Department of the Treasury announced the suspension of sales of United States Treasury Obligations – State and Local Government Series (i.e., SLGS), effective 12:00 noon Eastern Time, March 15,...more

Court Rules for Fund Adviser in Excessive Fee Case Against Hartford

by Goodwin on

On February 28, the court in the mutual fund excessive fee case against Hartford (Kasilag v. Hartford Inv. Fin. Servs., LLC, No. 1:11-cv-01083 (D.N.J.)) issued a 70-page opinion ruling in favor of the fund adviser and against...more

Developments in Disclosure of Financial Advisor Fees in M&A Transactions

by Dechert LLP on

Recent developments, including the U.S. Securities and Exchange Commission settlement with CVR Energy and related SEC Staff guidance, reinforce a trend towards more extensive disclosure of financial advisor fees in M&A...more

DOL Proposes 60-Day Delay of Fiduciary Rule

by Burr & Forman on

The US Department of Labor today proposed a 60-day extension (through June 9) for the effective date of its Fiduciary Duty Rule and related exemptions. The extension would give DOL some time to complete the re-analyses...more

USDOL Prevails in Kansas in Another Decision on Fiduciary Rule

On February 17, 2017, a federal district Court in Kansas upheld the U.S. Department of Labor’s conflict of interest rule and related exemptions in a suit brought by Market Synergy Group, Inc. This ruling on the merits follows...more

Advisors Advantage - February 2017

by Ary Rosenbaum on

Concepts That Retirement Plan Advisors Shouldn't Focus On. It would be a detriment to focus only on this stuff. Being a financial advisor isn't as easy as many people on the outside think. There are so many things you ...more

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