One FA believes the Small Business Administration will “punish people” who take loans they don’t need.
April 8, 2020
Financial advisor and blogger Michael Kitces raises the concern.
Rachel Robasciotti, among the CEOs who called out Ken Fisher last year, says companies must create environments that welcome financial advisors from non-traditional backgrounds.
The regulator will initially focus on assessing whether firms have made a good faith effort but will also take into account any disruptions caused by the Covid-19 pandemic.
The SEC and Chairman Jay Clayton are facing two lawsuits over Regulation Best Interest.
Around 39% of Americans have already lost their job or income because of the coronavirus pandemic, according to a recent survey.
The broker-dealer also admitted the SEC’s findings in the case.
Plan sponsors are exploring their options, but one retirement plan expert believes the recently passed $2.2 trillion economic stimulus package could stave off some employers from suspending the programs.
The move follows similar measures taken earlier by Empower Retirement and Voya to help plan participants access money amid the coronavirus pandemic.
The agency says fraudsters are likely to perpetrate schemes related to the economic impact payments.