Bill Mandia presents at National Conference of Insurance Legislators on fiduciary developments

As previewed by ThinkAdvisor, Bill Mandia presented this past weekend at the National Conference of Insurance Legislators Spring Meeting in Nashville. Accompanying Rep. Joe Fischer (KY) and Rep. Martin Carbaugh (IN), Bill discussed the federal and state approaches to the sale of annuities and other retirement savings products.

Illinois disclosure bill doesn’t seem to be going anywhere anytime soon

The Illinois Investment Advisor Disclosure Act, which was introduced last year without any text, has been designated session sine die. The proposed legislation was thought to possibly follow the approach sought by New York and New Jersey, namely, broker-dealers having to disclose to clients at the time of a recommendation that they are not held to a fiduciary standard.

CalPERS declines to divest from private prisons

Staff at the California Public Employees’ Retirement System (CalPERS) are apparently opposed to the divestment of private prisons, according to a recent report. The CalPERS Investment Committee is expected to follow suit. Legislation forced the issue, but in almost all cases it is subject to a determination by the plan fiduciary that following such legislation comports with its fiduciary duties, often enshrined at the constitutional level.

Fallout over the draft Nevada fiduciary regulation?

Financial Advisor IQ is reporting that Morgan Stanley and Wells Fargo “are among several brokerages threatening to cut down or eliminate their services in Nevada if the state goes through with its plans for a state-level fiduciary rule….”  Charles Schwab, Edward Jones and TD Ameritrade are also reportedly willing to limit investment information provided to investors in Nevada should the regulation move to a final stage.