Attorneys general from seven states, including New York and California, along with the District of Columbia, argue that the SEC's rule doesn't protect investors as mandated under Dodd-Frank.
The network, founded and led by Michael Kitces and Alan Moore, filed suit in New York's Southern District, claiming the SEC's Reg BI would give an unfair competitive advantage to brokers over registered investment advisors.
If the latest lawsuits challenging Reg BI are successful, that could send the Department of Labor back to the drawing board in its effort to recraft a fiduciary rule for ERISA accounts.
Firms that take part in the Wealth Management Industry Awards submit their most recent initiatives for review. All the finalists submissions are included in the The Best of the Best for 2019, a special edition of Wealth Management magazine.
Advisors are bullish on the industry’s prospects for continued M&A, although challenges, such as a lack of confidence that the next generation can afford to buy them out, abound, according to a recent DeVoe & Co. study.
