New U.S. fiduciary rule impacting firms’ strategies, Fitch report finds

first_img Drop opposition to fiduciary rule, U.S. lawyers say to investment industry There are advantages and disadvantages to these approaches, the Fitch report says: “Switching to fee-based compensation will mean a simpler product structure and would make revenue generated from these accounts more recurring and potentially more predictable. A fee-based structure could also mean less opportunity for brokers to overtrade client accounts, thus reducing potential legal liability from the introduction of the fiduciary standard. However, these financial institutions could risk losing brokers or smaller clients who do not benefit directly from the introduction of fees.” For firms that are planning to continue allowing commissions, they will enjoy greater broker retention and the model will be more cost-effective for clients who don’t trade very much, the Fitch report says. “However, interactions and account orders will need to be well documented to ensure higher compliance standards are met, and this will come with greater operational, compliance and legal costs,” the report notes. “Notably, the potential cost of noncompliance could be a significant legal liability.” Meanwhile, asset managers could see a shift to passive products from actively managed products while insurers could see an increase in compliance costs, although the rule is ratings neutral for that sector, the Fitch report says. Finally, the Fitch report acknowledges that there’s speculation the incoming U.S. presidential administration may seek to modify, or delay, the rule’s implementation. “However, it remains too early to make any prediction on what specific regulatory changes will be implemented.” James Langton Related news Share this article and your comments with peers on social media Keywords Fiduciary duty center_img The big Wall Street firms are taking different strategic approaches in response to the U.S. Department of Labor’s forthcoming fiduciary rule for retirement accounts coming into effect in April 2017, which will likely have a divergent impact on clients, advisors and firms themselves, according to a new report from Fitch Ratings Inc. The credit-rating agency reports that wealth-management firms such as Bank of America Corp. and J.P. Morgan Chase & Co. are planning to move to a purely fee-based model whereas Wells Fargo & Co., Morgan Stanley Inc. and Edward Jones & Co. LP will continue to allow commissions-based compensation models for retirement accounts. U.S. firm offers training for meeting DOL fiduciary standard Investors prevail in $100-million BMO class action Facebook LinkedIn Twitterlast_img read more

Intelligence Brief: My MWC19 Barcelona resolutions

first_img AddThis Sharing ButtonsShare to LinkedInLinkedInLinkedInShare to TwitterTwitterTwitterShare to FacebookFacebookFacebookShare to MoreAddThisMore 18 FEB 2019 Blog At the start of the year, I spent some time outlining my mobile and communications related resolutions for 2019. Rather than make predictions, I wanted to highlight some aspirations and commitments for how I’d work with and think about the industry: you can think of them like a combination of predictions and wishes with a little self-direction. If you missed the column, you can check it out here.With MWC19 coming up in less than a week, I wanted to return to the resolution framework.Anyone who has been to the show before knows that it offers an incredible opportunity to engage with the entire breadth of the mobile industry, but that it’s so massive that unless you go in with a plan you won’t make the most of it. Consider my resolutions the core components of this year’s plan.Get to every meeting on timeYes, this is the equivalent of a New Year’s resolution to run a marathon every month.Possible? Sure.Probable? Nope. Unless you’re a logistics genius who can manage to arrange all your meetings in proximity to one another, you will always arrive late to some. But, if we look at MWC19 meetings as part of an ongoing engagement, then leaving early (in order to get to the next place on time) is just an invite to follow-up. That’s my story and I’m sticking to it.Focus more on devicesI’ve never been a mobile device analyst. And, as much as we all might consider ourselves amateur smartphone analysts when the newest Apple or Samsung devices get launched, it takes a very sharp focus and market understanding to map out the intrigues and implications of an ever expanding device landscape.But it’s that expanding landscape that makes it all the more important to understand what MWC19 tells us on the device front. 5G business models. IoT business models. Smart home business models. They all hinge, to some extent, on what goes on in the device world.Focus more on enterpriseDid you read the last bullet? Cool. Replace “device” with “enterprise” and a lot of it holds. I’ve never been an enterprise analyst. And as I look at key operator opportunities around 5G and IoT, the enterprise plays a major role in whether or not the business model pays off, meaning that the enterprise story operators and vendors tell at MWC19 will be an important one to pay attention to.Give up on lunchComplaint Bragging is a cousin of Humble Bragging and you run into it a lot at MWC.“There was so much traffic in our booth, I never had a chance to sit.”“With five conflicting dinner invites, I don’t know how I’ll manage them all.”“I had so many back-to-back meetings that I never managed to eat lunch.”Personally, I’ve always been conflicted about the issue of lunch at MWC. Walking around and engaging in meaningful conversation takes fuel. No argument there. But if time is a finite resource, then the 30 to 60 minutes spent on lunch is time taken away from engagement with companies you may never learn about otherwise. Of course, debating this stuff in my head also takes time away from more important things. So, this year I’m just resigning myself to grabbing jamon and manchego where I can find it and carrying around some Clif Bars.Look for LTE in support of 5G use casesThis is something of an extension of my New Year resolution to worry more about 4G: recognising that 5G will likely upstage the technology that will come to dominate mobile broadband connectivity over the next five years.One way to ensure LTE gets the credit it deserves is to shine a light on the value it’s delivering. But let’s be honest here: in the middle of peak 5G messaging, the buzzed-about use cases are 5G use cases.The good thing is that LTE (and its evolutions) should be able to support many 5G use cases, clawing back some of the spotlight and helping operators make the most of their 4G investments. I know I’m not the only one seeing this dynamic play out and know we should see 4G in support of 5G use cases at MWC19. If it’s there, I plan to find it in action.Test the definition of “enabling tech”At GSMA Intelligence, we’ve been describing edge networking, artificial intelligence (AI) and blockchain as “enabling technologies”, foundational supports for new network and service innovations.The definition, however, implies that these technologies are being put to use as a critical support for things like 5G and IoT rollouts. To be sure, we’ll see AI, edge and blockchain announcements at MWC19 framed in the context of new mobile networks and services. But, the real test of the “enabling” moniker will involve turning this on its head. We’ll need to see major 5G and IoT launches invoke these technologies in some way. If they do, then I guess the definition holds. If not, we may need to look for new naming.Catch a keynoteConfession time: I’ve never actually attended an MWC keynote. By the time I made it to haphazardly scheduled meetings and everything else, there’s never been time.I’ve always told myself that anything important coming out of a keynote will be covered by Mobile World Live. To some extent, that’s fair. However, having just seen the musical Hamilton for the first time, I was reminded that live versions are just naturally better than soundtracks or recaps.In any case, Rakuten’s Mickey Mikitani (Wednesday) and Microsoft’s Satya Nadella (Monday) are both people I look forward to hearing from. If nothing else, should a big announcement of some sort get made, it’s always nice to be in the room where it happened.– Peter Jarich – head of GSMA IntelligenceThe editorial views expressed in this article are solely those of the author and will not necessarily reflect the views of the GSMA, its Members or Associate Members. Subscribe to our daily newsletter Back Author Previous ArticleHutch Lanka secures 4G rollout fundsNext ArticleIndia’s Bharti Airtel set to slip to No3 position GSMA Intelligence Intelligence Brief: Assessing latest developments in 6G and healthcare Intelligence Brief: Does intent matter in network automation?center_img Intelligence Brief: Assessing recent spectrum developments Related Tags Read more 4G5GGSMAiIoTSmart homessmartphone HomeBlog Intelligence Brief: My MWC19 Barcelona resolutionslast_img read more

City fan wins big in the Robins Lotto

first_imgMr Doyle, aged 94, won the weekly rollover jackpot prize which starts at £500 and increases by £200 each week which it is not won. He has been a member of City’s official lottery scheme since its conception, Mr Doyle, whose daughter and grandson were presented with a cheque for the sum of £4700 on his behalf, told the Foundation that he was absolutely “thrilled”In addition to the weekly jackpot rollover, there are also five prizes of £20 and one £50 prize, as well as a monthly jackpot of £500 and signed City memorabilia.All Robins Lotto members are automatically entered into the weekly draws and gain access to a number of exclusive Robins Lotto events.Take a chance, make a changeAll proceeds of the Robins Lotto go directly towards supporting the fantastic community work carried out by City’s official charity.To find out more about becoming a Robins Lotto member click here or call 0117 963 0636.Become a member todaylast_img read more