Many independent broker-dealers are generating significant revenue from annuity sales. InvestmentNews ranks the 10 IBDs with most revenue from annuities in 2017.
Securities and Exchange Commission Chairman Jay Clayton told attendees at the Financial Industry Regulatory Authority's annual conference that the word "fiduciary" was left out of the SEC's Regulation Best Interest to avoid investor confusion. "It's important for an investor to understand that the relationship model of the broker-dealer is different than the relationship model of the investment advisor," he said.
The Labor Department's Employee Benefits Security Administration said it will conduct a seminar on the fiduciary responsibilities of retirement advisors on July 10 in Chicago. The agency previously said the seminar would be offered on June 28 in Rhode Island.
The Securities and Exchange Commission has voted to propose rules authorizing advisors and firms to make public research on exchange-traded funds, mutual funds and closed-end funds. The proposal would implement a law Congress passed last year.
Advisors should review their clients' tax returns, as the forms can reveal key information about their financial situation and be a tool to aid the growth of long-term wealth, suggests Greg Smith of The Wise Investor Group. Advisors should pay attention to interest income, charitable giving and Social Security benefits, he writes.
Strong relationships with clients and other financial planners are the foundation of a solid business growth strategy, Mike Byrnes says in the "You're a Financial Planner, Now What?" podcast. Byrnes says authenticity and human connections will help transform your practice, and he offers tips for strengthening relationships.
Incorporating public relations into your financial planning practice can shed a positive light on the industry and provide valuable education to members of the media, says Ben Lewis, FPA's director of public relations. In an interview, Lewis offers five tips to help make financial planners more media savvy.
Only 35% of college-educated women report feeling confident they can manage investments in their self-directed retirement accounts, compared with 60% of college-educated men and 41% of men who only hold high-school diplomas, according to a Federal Reserve survey. The difference may be exacerbating the gap in retirement savings between the genders, writes Jordan Yadoo.
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