DALLAS--(BUSINESS WIRE)--The US Department of Labor released its highly anticipated Conflict of Interest Rule (or Fiduciary Rule) on Wednesday, April 6. This rule is intended to ensure that financial advisors offering retirement advice are held to a newly defined fiduciary standard of care. 1st Global, a research and consulting partner to select CPA and wealth management firms, commends the DOL for responding to industry feedback and delivering what may be a more workable rule.

"The purpose of 1st Global is to enable intentional living, and we have been focused on helping CPA firms provide financial advice to American families and businesses for nearly 25 years," 1st Global President David Knoch said. "CPAs are widely recognized among America's most trusted professions, and we have long believed they are the key to restoring trust between American families and the financial services industry."

1st Global-affiliated advisors are knowledgeable and professional and deliver the highest level of integrity to their clients. Financial advisory services are a natural complement to the complex services and high practice standards of CPAs. As evidence of these high standards and "client first" principles of professional care, 93 percent of 1st Global-affiliated advisors are Certified Public Accountants, CFP® professionals or Accredited Investment Fiduciaries.

"Through our work in the Financial Services Institute we have advocated for changes to the final rule that would remove unworkable provisions, and we are pleased that the DOL has listened to ideas from the industry," Knoch said.

"However, the continued demonization of our industry is disappointing and offensive to the masses of exceptional financial advisors and support staff that serve the complex and demanding financial needs of American families. The repeated and derogatory messaging that financial advisors are not to be trusted insults the honest, hard-working professionals who, by intentional choice, have been called to a professional career in service of others and already hold themselves to a higher standard of care.

"We will analyze all 1,023 pages of this lengthy rule before offering our full opinion. We will then execute the required changes to our business and the practices of our affiliated advisors. We are eager to understand all of the details of rule compliance to ensure there are no elements that we feel remove or reduce our ability to serve the important needs of our affiliated CPA firms and their clients."

About 1st Global

1st Global was founded in 1992 by CPAs who believe that accounting, tax and estate planning firms are uniquely qualified to provide comprehensive wealth management services to their clients. 1st Global is a research and consulting partner that provides CPA, tax and estate planning firms the education, technology, business-building framework and client solutions that make these firms leaders in their professions through dedicated professional client relationships built around wealth management.

Around 400 firms have chosen to affiliate with 1st Global, making it one of the largest financial services partners for the tax, accounting and legal professions.

1st Global Capital Corp. is a member of FINRA and SIPC and is headquartered at 12750 Merit Drive, Suite 1200 in Dallas, Texas, 214-294-5000. Investment advisory services offered through 1st Global Advisors, Inc., an SEC-Registered Investment Adviser. Additional information about 1st Global is available via the Internet at www.1stGlobal.com.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER(TM) and federally registered CFP (with flame logo), which it awards to individuals who successfully complete initial and ongoing certification requirements.

ASIC suspends financial advisory company Allegianz
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The corporate watchdog has suspended financial advisory company Allegianz for six months for failing to fulfil the obligations of its licence.

The Australian Securities and Investments Commission says the Melbourne-based company failed to lodge financial statements and auditor reports over consecutive years, and failed to properly notify ASIC when it had discovered the breach.

Allegianz, which provides specialised government, commercial and financial advisory services, can appeal against the decision that means it cannot offer its expertise until September 10.

#x201C;Failure to comply with reporting obligations can be an indicator of a poor compliance culture. ASIC won#x2019;t hesitate to act against licensees who do not meet these important requirements,#x201D; ASIC deputy chair Peter Kell said in a statement today.


Throughout SIFMAs Private Client Conference in New York City Thursday were discussions about the major demographic challenges confronting the financial advisory industry and about how firms are responding. The issues are the same ones that the industry has been facing for some years now, but they are becoming more critical as the populations of advisors and their clients age and American society grows more diverse.

Here are some highlights from those discussions and the solutions offered.

A Dave Ramsey financial advisory course will be offered in Waterloo starting Sunday, April 10.

According to Ramsey, 70 percent of Americans are living paycheck to paycheck, while 50 percent of Americans do not have an emergency fund to cover three months of expenses.