A leading Senate Republican on financial policy wants to open private-market investing to more people who currently don’t meet the net worth or income thresholds to qualify. Expanding the pool of accredited investors is one plank in a proposal to reform capital markets released Thursday by Sen. Tim Scott, R-S.C....
It was difficult to reach investor advocates Tuesday morning to get their reaction to the Department of Labor’s latest attempt to protect retirement savers from conflicted financial advice. None of them were available until after a White House event at which President Biden formally introduced what the DOL is calling...
President Biden warned financial advisors Tuesday not to recommend high-fee investment products that line their own pockets rather than help their clients build a nest egg, as he promoted a proposal to raise advice standards for retirement accounts. “Most advisors give their clients good advice at a fair price and...
The Biden administration is targeting what it calls “junk fees” as it attempts to strengthen investment advice rules for retirement accounts. The Department of Labor will release a proposal Tuesday designed to curb conflicts of interest around retirement savings recommendations. Called the retirement security rule, it would “close loopholes” and...
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Fees associated with health savings accounts are falling but only a fraction of account holders use their HSAs as investment vehicles — and financial advisors can help turn around the latter trend, experts said. Morningstar Inc. Thursday released its annual “landscape study” on HSAs, which shows that through the middle...
Raymond James Financial achieved record annual net revenue and record net income last year, marking the third year in a row of historic results for the firm, CEO Paul Reilly said Wednesday. Raymond James obtained $11.62 billion in net revenue and $1.73 billion in net income available to common shareholders...
Some of the SEC rule proposals generating the most withering criticism are among those that would have the biggest impact on financial advisors. But the widespread opposition won’t necessarily influence the SEC to revise them substantially before they become final regulations. Financial industry trade associations, bipartisan lawmakers on Capitol Hill...
The SEC stepped up the number of enforcement actions it took in the most recent fiscal year, while the total amount of money ordered from securities laws violators dipped, according to statistics the agency’s leader released Wednesday. The Securities and Exchange Commission filed more than 780 actions in fiscal 2023,...
A federal automatic retirement savings program would undermine retirement plans offered by businesses to their employees, said critics of new federal legislation. Sens. John Hickenlooper (D-Colo.) and Thom Tillis (R-N.C.) last week introduced the Retirement Savings for America Act, which would establish portable, tax-advantaged retirement accounts sponsored by the federal...