FINRA’s top 5 fine categories in potentially record-setting year
Fines levied by the Financial industry Regulatory Authority during the first half of 2016 reached $79.4 million,
which is on pace to potentially shatter the self-regulator’s record-setting $134 million in fines reported in 2014,
according to the law firm sutherland Asbill & Brennan.
Source: Melanie Waddell, ThinkadviSor.coM
The post-DOL revenue dip
A new RepoRt from the global management consulting firm A.t. Kearney makes a jaw-dropping forecast: a precipitous, $20 billion dip in industry revenue resulting from the pending phase-in of the department of labor’s fiduciary rule.
The study, “why investing will never be the same,” contains other provocative data points. Among them:
1. Variable Annuities: $20.7 million in fines ( 7 cases).
2. Due Diligence: $19.7 million in fines ( 24 cases).
3. Anti-Money Laundering: $18.6 million in fines ( 18 cases).
4. Trade Reporting: $12.6 million in fines (65 cases).
5. Notes/Bonds: $6.2 million in fines ( 14 cases).
Source: Warren S. herSch, lifeheal ThPro.coM
The bottom line for retirement advisors: Big changes are afoot.
accelerating, rising to 13
percent in 2015 from 4 percent
after the 2007–2009 recession
among all age groups, nearly 3 in 4
(72 percent) would do so
about 9 in 10 investors below age 45 say
they would “change their advisory models”
to pay less for advice
30 percent of older, “fully
delegated” advised investors
might opt for “lightly managed,”
less costly advice