Legal

The SEC says Ameriprise did not ascertain whether the clients were eligible for the waived sales fees and did not disclose that the higher sales loads would negatively impact investment returns.

Take a look at our newly redesigned BenefitsPRO.com website. We're excited about it and hope you will be too.

In effect, the DOL could craft a new sellers' exemption that says an advisor or broker is in compliance with the fiduciary rule if they are in compliance with the standards ultimately produced by the SEC.

About 1,800 customers of Ameriprise paid roughly $1.8 million in unnecessary front-loaded sales charges and trails on mutual funds, according to the SEC.

A report found that the Social Security Administration not only lacked a way to alert employees as to when delaying benefits was in an applicant's best interest, but even when they knew it was, employees were misadvising them.

The fiduciary rule has only been partially implemented but it's already discouraged annuity recommendations to qualified retirement accounts, according to LIMRA.