Wealth Management Firms Aren't Completely Off the Hook After Fiduciary Rule Delay
The large wealth management firms that we cover should be fine regardless of whatever changes occur in the Department of Labor’s fiduciary rule for financial advisors to retirement assets. The definition of who is a fiduciary to retirement assets and the impartial conduct standards went into effect in June 2017 and remain in effect. However, the best-interest contract, which was the primary enforcement mechanism of the rule via the potential for class-action lawsuits, has had its implementation ...State Street is a financial holding company. Through its subsidiaries, the company provides a range of financial products and services to institutional investors. The company's clients include mutual funds, collective investment funds and other investment pools, corporate and public retirement plans, insurance companies, foundations, endowments and investment managers. The company's Investment Servicing line of business performs custody and related functions, such as providing institutional investors with clearing, settlement and payment services. The company's Investment Management line of business, through State Street Global Advisors, provides a range of investment management strategies and products for its clients.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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