The Fifth Circuit Court of Appeals argues the Department of Labor lacked the statutory authority to promulgate the rule; a major victory for the brokerage industry.
Accessing independent, fundamental research in support of your investment decisions meets a fiduciary “duty of care” standard, yes, but it also impresses clients and prospects.
Firms should focus on two key areas to create a unified approach to compliance and risk—surveillance monitoring and the design and control of investments.
“You can’t put one hat on when you’re talking about 50 percent of your assets and another hat on when you’re talking about another 50 percent. It makes no sense,” said SEC Chairman Jay Clayton.