“How embarrassing would it be (for the wirehouses that already exited) if regulators have to impose broker protocol?” @HDelux speaks with @BenjiWriter @newsfromIN

January 26th, 2018

For smaller advisory firms that are more likely to hire away from brokerage firms, there is no downside to joining the protocol, according to Brian Hamburger, chief executive of the compliance consulting firm MarketCounsel. “The cynic in me says these name-brand firms that are scurrying away from the protocol certainly take a lot of the […]

“Given Bressler’s inability to meet these standards in its role as Protocol administrator, we are relieved to see that they relinquished their post.” @masonbraswell @advisorhubinc features @HDelux.

January 24th, 2018

On Tuesday, MarketCounsel, which is affiliated with the Hamburger Law Firm in Englewood, NJ, expressed lukewarm support for the change to Capital Forensics from Bressler. “We remain unclear as to SIFMA’s authority to make this selection of a new administrator of the Protocol, what criteria they may have used to arrive at their decision, and […]

“On the other hand, the delay of the final compliance date from Jan. 1, 2018 to July 2019 means the SEC could roll out its own version of a best-interest standard.” says @HDelux to @ThinkAdvisor, reported by Alex Padalka @FinAd_IQ.

January 16th, 2018

Financial advice firms face a growing list of compliance chores in 2018, including spillover effects of the Department of Labor’s now-delayed fiduciary rule, cybersecurity issues, advisor exam changes and tighter scrutiny of bad brokers, according to ThinkAdvisor. On the other hand, the delay of the final compliance date from Jan. 1, 2018 to July 2019 means […]

Four Top Takeaways from the 2017 MarketCounsel Summit. Tim Welsh @NexusStrategy #MSUM17.

January 4th, 2018

As the last stop on the conference circuit for the year, the MarketCounsel Summit is known for its high-profile speakers, elegant venues and the premium networking experience it gives advisors, select service providers and industry luminaries. Read article here.

“…the 18-month delay of the rule’s ‘most critical aspects’ until July 1, 2019, ‘may spell the end of the rule.’ @Think_MelanieW @ThinkAdvisor speaks with @HDelux #MSUM17.

January 4th, 2018

For advisors and broker-dealers, one certainty remains constant from year to year: the challenge of keeping pace with a growing compliance checklist. While the Department of Labor’s fiduciary rule will continue to consume advisors’ time in the New Year despite the recent 18-month delay of the rule’s enforcement provisions, other high-priority items for advisors — […]

M&A Madness. @Think_MelanieW @ThinkAdvisor #MSUM17.

January 4th, 2018

Read article here.

“Cybersecurity is clearly the technology hot issue.” Hamburger (@HDelux) and Bernstein speak with @Think_MelanieW @ThinkAdvisor.

January 2nd, 2018

While existing “rules, regulations and risk mitigation measures will continue to consume” advisors’ resources in 2018, say Hamburger and Bernstein, the new year could also bring cybersecurity or anti-money laundering rules or interpretive guidance for advisors. “Cybersecurity is clearly the technology hot issue,” the MarketCounsel attorneys said. “A big reason for that is cybersecurity is […]

“There will be pressure [on the SEC] to come up with a broker-dealer version of a fiduciary standard.” @Think_MelanieW @ThinkAdvisor features Brian Hamburger (@HDelux) and Dan Bernstein.

January 2nd, 2018

A fiduciary rule proposal by the Securities and Exchange Commission along with planned changes to the Labor Department’s fiduciary rule top the list of attention-getters for advisors and brokers in the new year, but other moves like a new cryptocurrency rule by the SEC and tougher cybersecurity exams (and enforcement actions) may also be on […]

Aguilar, TD’s Schweiss Discuss How an SEC Fiduciary Rule Could Work. @Think_MelanieW @ThinkAdvisor #MSUM17

December 20th, 2017

Read article here.

DOL Adopts 18 Month Delay to Fiduciary Rule

December 1st, 2017

The US Department of Labor (the “DOL”) formally expended the remaining implementation of the Fiduciary Rule that was scheduled to go into effect January 1, 2018 (“Phase 2”) by 18 months.  The new effective date of Phase 2 is July 1, 2019. Phase 2 would include full implementation of the Best Interest Contract Exemption (the […]