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Spatial co-ordinations are initially random, and will automatically re-arrange to minimize complexity based on distance between relationships. Mouse down and drag to pan. Right click on the strategic diagram toggles between motion and stationary. Hover over abstract node (orange) to view abstractions. Hover over leaf node to view corresponding narrative. Left click on the leaf node expands the narrative to view full text.

Narrative Analysis - Report

Key Focus

The issue has re-emerged as the department prepares to release a final rule that would require more financial professionals to act as fiduciaries - that is, they'd be held to the highest standard, across the investment landscape, when providing advice on retirement money held or destined for tax-advantaged accounts, like individual retirement accounts ...

The Biden administration's plan - and the final rule could differ from the initial October proposal - would require more financial professionals to act as gold-standard fiduciaries when they're making an investment recommendation or providing advice for compensation, at least when holding themselves out as trusted professionals ...

Momentum supporting factors

(financial,advice,professionals)

(financial,advice,investment)

(financial,fiduciaries,investment)

(financial,professionals,fiduciaries,investment)

(financial,professionals,investment)

(advice,professionals,fiduciaries)

(financial,advice,fiduciaries)

(investment,advice,fiduciaries)

(investment,professionals,advice,fiduciaries)

(investment,professionals,fiduciaries)

(financial,professionals,fiduciaries,advice)

(financial,services,providers)

(investment,professionals,advice,financial)

Challenge supporting factors

(financial,clients,regulatory)

(financial,fiduciaries,regulatory)

(financial,professionals,fiduciaries,regulatory)

(financial,professionals,regulatory)

(financial,regulatory)

(professionals,fiduciaries,regulatory)

(professionals,regulatory)

(financial,clients,jason_berkowitz)

(financial,fiduciaries,jason_berkowitz)

(financial,professionals,fiduciaries,jason_berkowitz)

(financial,professionals,jason_berkowitz)

(professionals,fiduciaries,jason_berkowitz)

(professionals,jason_berkowitz)

(financial,clients,insured_retirement_institute)

(financial,fiduciaries,insured_retirement_institute)

Work-in-progress supporting factors

(financial,advice,professionals)

(advice,fiduciaries,proposal)

(advice,professionals,proposal)

(financial,advice,proposal)

(financial,fiduciaries,proposal)

(financial,professionals,fiduciaries,proposal)

(financial,professionals,proposal)

(investment,advice,proposal)

(investment,fiduciaries,proposal)

(investment,professionals,advice,proposal)

(investment,professionals,proposal)

(investment,proposal)

(professionals,fiduciaries,proposal)

(professionals,proposal)

(financial,advice,investment)

Time Period	Challenge	Momentum	WIP
Report	23.22	12.92	63.86

High Level Abstraction (HLA) combined

High Level Abstraction (HLA)	Report
(1) (financial,advice,professionals)	100.00
(2) (financial,advice,investment)	91.96
(3) (financial,advice,fiduciaries)	81.46
(4) (financial,professionals,fiduciaries,advice)	71.77
(5) (advice,fiduciaries,proposal)	49.30
(6) (advice,professionals,proposal)	49.22
(7) (financial,advice,proposal)	48.89
(8) (financial,fiduciaries,proposal)	48.25
(9) (financial,regulatory)	47.69
(10) (financial,professionals,fiduciaries,proposal)	47.65
(11) (financial,professionals,proposal)	47.25
(12) (investment,advice,proposal)	47.04
(13) (investment,fiduciaries,proposal)	46.88
(14) (investment,professionals,advice,proposal)	46.76
(15) (investment,professionals,proposal)	46.56
(16) (investment,proposal)	46.44
(17) (professionals,fiduciaries,proposal)	46.40
(18) (professionals,proposal)	46.24
(19) (financial,fiduciaries,investment)	45.40
(20) (financial,professionals,fiduciaries,investment)	44.59
(21) (financial,professionals,investment)	44.03
(22) (financial,advice,insurance)	43.87
(23) (financial,clients,insurance)	43.59
(24) (advice,fiduciaries,gold-standard)	43.14
(25) (advice,professionals,gold-standard)	42.70
(26) (financial,advice,gold-standard)	42.66
(27) (investment,advice,gold-standard)	42.42
(28) (investment,fiduciaries,gold-standard)	42.26
(29) (investment,professionals,advice,gold-standard)	42.14
(30) (investment,professionals,gold-standard)	41.94
(31) (advice,professionals,fiduciaries)	41.54
(32) (investment,advice,fiduciaries)	38.88
(33) (investment,professionals,advice,fiduciaries)	38.28
(34) (financial,industry)	37.84
(35) (investment,professionals,fiduciaries)	37.80
(36) (financial,advice,clients)	37.52
(37) (financial,advice,brokers)	36.83
(38) (financial,clients,regulatory)	33.74
(39) (financial,fiduciaries,regulatory)	32.89
(40) (financial,services,providers)	32.77
(41) (financial,professionals,fiduciaries,regulatory)	32.25
(42) (financial,executive)	32.01
(43) (financial,professionals,regulatory)	31.85
(44) (professionals,fiduciaries,regulatory)	31.64
(45) (professionals,regulatory)	31.56
(46) (financial,fiduciaries,regulation_best_interest)	30.88
(47) (investment,professionals,advice,financial)	30.68
(48) (financial,professionals,fiduciaries,regulation_best_interest)	30.28
(49) (financial,professionals,regulation_best_interest)	29.88
(50) (professionals,fiduciaries,regulation_best_interest)	29.71
(51) (professionals,regulation_best_interest)	29.59
(52) (financial,fiduciaries,lower-cost)	29.15
(53) (financial,professionals,fiduciaries,lower-cost)	28.35
(54) (financial,professionals,lower-cost)	27.99
(55) (professionals,fiduciaries,lower-cost)	27.91
(56) (professionals,lower-cost)	27.82
(57) (financial,clients,jason_berkowitz)	27.62
(58) (financial,fiduciaries,jason_berkowitz)	26.98
(59) (financial,professionals,fiduciaries,jason_berkowitz)	26.18
(60) (financial,professionals,jason_berkowitz)	25.73
(61) (professionals,fiduciaries,jason_berkowitz)	25.65
(62) (professionals,jason_berkowitz)	25.57
(63) (financial,clients,insured_retirement_institute)	25.41
(64) (financial,fiduciaries,insured_retirement_institute)	24.89
(65) (financial,professionals,fiduciaries,insured_retirement_institute)	24.09
(66) (financial,professionals,insured_retirement_institute)	23.48
(67) (professionals,fiduciaries,insured_retirement_institute)	23.40
(68) (professionals,insured_retirement_institute)	23.32
(69) (financial,clients,industry)	23.24
(70) (financial,fiduciaries,industry)	22.68
(71) (financial,professionals,fiduciaries,industry)	21.75
(72) (financial,professionals,industry)	21.03
(73) (professionals,fiduciaries,industry)	20.99
(74) (financial,fiduciaries,house)	20.95
(75) (financial,professionals,fiduciaries,house)	20.14
(76) (financial,professionals,house)	19.42
(77) (professionals,fiduciaries,house)	19.38
(78) (financial,clients,so-called)	18.94
(79) (financial,so-called)	18.86
(80) (financial,clients,security)	18.46
(81) (financial,security)	18.34
(82) (financial,clients,regulation_best_interest)	18.01
(83) (financial,clients,professionals)	17.61
(84) (financial,clients,middle-income)	17.09
(85) (financial,clients,households)	16.85
(86) (financial,services,policies)	16.32
(87) (financial,services,pension_resource_institute)	16.28
(88) (financial,services,industries)	16.24
(89) (financial,services,executive)	16.08
(90) (financial,services,domains)	16.04
(91) (financial,services,brokerage)	16.00
(92) (financial,services,banks)	15.96
(93) (financial,court)	15.72
(94) (financial,sue)	15.68
(95) (advice,professionals,regulation)	14.88
(96) (investment,professionals,regulation)	14.76
(97) (investment,regulation)	14.68
(98) (professionals,regulation)	14.64
(99) (investment,erisa,five-part)	14.60
(100) (investment,professionals,five-part)	14.52

Supporting narratives:

Please refer to knowledge diagram for a complete set of supporting narratives.

momentum - Back to HLA

The issue has re-emerged as the department prepares to release a final rule that would require more financial professionals to act as fiduciaries - that is, they'd be held to the highest standard, across the investment landscape, when providing advice on retirement money held or destined for tax-advantaged accounts, like individual retirement accounts ...
High Level Abstractions:

(investment,advice,fiduciaries)
(financial,advice,fiduciaries)
(investment,professionals,advice,fiduciaries)
(financial,advice,investment)
(advice,professionals,fiduciaries)
(investment,professionals,fiduciaries)
(financial,advice,professionals)
(financial,fiduciaries,investment)
(investment,professionals,advice,financial)
(financial,professionals,fiduciaries,investment)
(financial,professionals,investment)
(financial,professionals,fiduciaries,advice)
Inferred entity relationships (47)
(fiduciaries,investment,stockbrokers) [inferred]
(fiduciaries,professionals,regulatory) [inferred]
(financial,professionals,regulatory) [inferred]
(fiduciaries,financial,investment,professionals) [inferred]
(fiduciaries,investment,proposal) [inferred]
(fiduciaries,financial,lower-cost) [inferred]
(advice,fiduciaries,gold-standard) [inferred]
(advice,financial,proposal) [inferred]
(financial,professionals,proposal) [inferred]
(fiduciaries,financial,jason_berkowitz) [inferred]
(fiduciaries,financial,proposal) [inferred]
(advice,fiduciaries,professionals) [inferred]
(fiduciaries,financial,investment) [inferred]
(advice,fiduciaries,investment,professionals) [inferred]
(advice,financial,investment) [inferred]
(fiduciaries,financial,industry,professionals) [inferred]
(fiduciaries,financial,industry) [inferred]
(fiduciaries,professionals,proposal) [inferred]
(fiduciaries,financial,regulation_best_interest) [inferred]
(investment,professionals,proposal) [inferred]
(fiduciaries,financial,house) [inferred]
(financial,investment,professionals) [inferred]
(fiduciaries,financial,professionals,proposal) [inferred]
(advice,fiduciaries,judge) [inferred]
(advice,financial,gold-standard) [inferred]
(fiduciaries,financial,professionals,regulation_best_interest) [inferred]
(fiduciaries,financial,regulatory) [inferred]
(advice,fiduciaries,proposal) [inferred]
(advice,fiduciaries,investment) [inferred]
(fiduciaries,financial,insured_retirement_institute,professionals) [inferred]
(fiduciaries,financial,professionals,regulatory) [inferred]
(advice,financial,professionals) [inferred]
(fiduciaries,financial,lower-cost,professionals) [inferred]
(fiduciaries,financial,insured_retirement_institute) [inferred]
(fiduciaries,financial,jason_berkowitz,professionals) [inferred]
(financial,professionals,regulation_best_interest) [inferred]
(fiduciaries,financial,house,professionals) [inferred]
(advice,fiduciaries,financial,professionals) [inferred]
(fiduciaries,professionals,regulation_best_interest) [inferred]
(fiduciaries,investment,judge) [inferred]
(advice,financial,insurance) [inferred]
(advice,fiduciaries,insurance) [inferred]
(advice,fiduciaries,financial) [inferred]
(fiduciaries,investment,professionals) [inferred]
(investment,professionals,regulation) [inferred]
(advice,fiduciaries,stockbrokers) [inferred]
(advice,financial,investment,professionals) [inferred]

momentum - Back to HLA

The Labor Department's latest push for a new fiduciary rule would protect investors'retirement savings and require financial services providers to change.. . It seems like an issue everyone can agree on: Financial professionals should be required to handle our retirement money with the utmost care, putting investors'interests first ...
High Level Abstractions:

(financial,services,providers)

challenge - Back to HLA

The S.E.C.'s adoption of Regulation Best Interest "requires all financial professionals subject to the S.E.C.'s jurisdiction to put their clients'interest first - to not make recommendations that line their own pockets at the expense of their client," said Jason Berkowitz, chief legal and regulatory affairs officer at the Insured Retirement Institute, an industry group, during a House hearing about the rule in January ...
High Level Abstractions:

(financial,fiduciaries,jason_berkowitz)
(professionals,fiduciaries,regulatory)
(financial,fiduciaries,regulatory)
(financial,professionals,fiduciaries,regulatory)
(financial,clients,professionals)
(financial,clients,regulatory)
(financial,clients,jason_berkowitz)
(financial,professionals,fiduciaries,jason_berkowitz)
(professionals,fiduciaries,jason_berkowitz)
(financial,professionals,regulatory)
(financial,professionals,jason_berkowitz)
(professionals,jason_berkowitz)
(professionals,regulatory)
(financial,regulatory)
(financial,clients,regulation_best_interest)
Inferred entity relationships (38)
(financial,jason_berkowitz,professionals) [inferred]
(clients,financial,industry) [inferred]
(fiduciaries,financial,investment,professionals) [inferred]
(financial,professionals,regulatory) [inferred]
(fiduciaries,financial,lower-cost) [inferred]
(fiduciaries,financial,jason_berkowitz) [inferred]
(financial,professionals,proposal) [inferred]
(clients,financial,security) [inferred]
(professionals,regulatory) [inferred]
(fiduciaries,financial,proposal) [inferred]
(fiduciaries,financial,investment) [inferred]
(clients,financial,insurance) [inferred]
(clients,financial,so-called) [inferred]
(fiduciaries,financial,industry,professionals) [inferred]
(clients,financial,professionals) [inferred]
(fiduciaries,financial,industry) [inferred]
(fiduciaries,professionals,proposal) [inferred]
(fiduciaries,financial,regulation_best_interest) [inferred]
(clients,financial,jason_berkowitz) [inferred]
(fiduciaries,financial,house) [inferred]
(fiduciaries,financial,professionals,proposal) [inferred]
(clients,financial,middle-income) [inferred]
(clients,financial,regulatory) [inferred]
(financial,regulatory) [inferred]
(fiduciaries,financial,professionals,regulation_best_interest) [inferred]
(fiduciaries,financial,regulatory) [inferred]
(fiduciaries,financial,insured_retirement_institute,professionals) [inferred]
(fiduciaries,financial,professionals,regulatory) [inferred]
(clients,financial,households) [inferred]
(fiduciaries,financial,lower-cost,professionals) [inferred]
(fiduciaries,financial,insured_retirement_institute) [inferred]
(fiduciaries,financial,jason_berkowitz,professionals) [inferred]
(financial,professionals,regulation_best_interest) [inferred]
(clients,financial,regulation_best_interest) [inferred]
(clients,financial,insured_retirement_institute) [inferred]
(fiduciaries,financial,house,professionals) [inferred]
(fiduciaries,professionals,regulation_best_interest) [inferred]
(jason_berkowitz,professionals) [inferred]

challenge - Back to HLA

The S.E.C.'s adoption of Regulation Best Interest "requires all financial professionals subject to the S.E.C.'s jurisdiction to put their clients'interest first - to not make recommendations that line their own pockets at the expense of their client," said Jason Berkowitz, chief legal and regulatory affairs officer at the Insured Retirement Institute, an industry group, during a House hearing about the rule in January. ...
High Level Abstractions:

(financial,clients,insured_retirement_institute)
(professionals,fiduciaries,industry)
(financial,industry)
(professionals,fiduciaries,house)
(professionals,insured_retirement_institute)
(financial,professionals,fiduciaries,house)
(financial,fiduciaries,house)
(financial,professionals,fiduciaries,industry)
(financial,professionals,fiduciaries,insured_retirement_institute)
(financial,clients,industry)
(financial,fiduciaries,insured_retirement_institute)
(financial,professionals,house)
(financial,professionals,insured_retirement_institute)
(professionals,fiduciaries,insured_retirement_institute)
(financial,professionals,industry)
(financial,fiduciaries,industry)
Inferred entity relationships (34)
(clients,financial,industry) [inferred]
(financial,insured_retirement_institute,professionals) [inferred]
(fiduciaries,financial,investment,professionals) [inferred]
(fiduciaries,financial,lower-cost) [inferred]
(fiduciaries,financial,jason_berkowitz) [inferred]
(clients,financial,security) [inferred]
(fiduciaries,financial,proposal) [inferred]
(fiduciaries,financial,investment) [inferred]
(clients,financial,insurance) [inferred]
(financial,house,professionals) [inferred]
(clients,financial,so-called) [inferred]
(fiduciaries,financial,industry,professionals) [inferred]
(clients,financial,professionals) [inferred]
(fiduciaries,financial,industry) [inferred]
(fiduciaries,financial,regulation_best_interest) [inferred]
(clients,financial,jason_berkowitz) [inferred]
(fiduciaries,financial,house) [inferred]
(fiduciaries,financial,professionals,proposal) [inferred]
(clients,financial,middle-income) [inferred]
(clients,financial,regulatory) [inferred]
(financial,industry,professionals) [inferred]
(fiduciaries,financial,professionals,regulation_best_interest) [inferred]
(fiduciaries,financial,regulatory) [inferred]
(fiduciaries,financial,insured_retirement_institute,professionals) [inferred]
(fiduciaries,financial,professionals,regulatory) [inferred]
(clients,financial,households) [inferred]
(fiduciaries,financial,lower-cost,professionals) [inferred]
(financial,industry) [inferred]
(fiduciaries,financial,insured_retirement_institute) [inferred]
(fiduciaries,financial,jason_berkowitz,professionals) [inferred]
(clients,financial,regulation_best_interest) [inferred]
(fiduciaries,financial,house,professionals) [inferred]
(clients,financial,insured_retirement_institute) [inferred]
(insured_retirement_institute,professionals) [inferred]

challenge - Back to HLA

Roberts, chief executive of the Pension Resource Institute, a consulting firm for banks, brokerage and advisory firms, said he expected that financial services providers would need to change certain policies to adhere to the new rule, such as making the compensation more level across products, so advisers would not be paid more for making certain recommendations, and curb certain sales incentives and contests ...
High Level Abstractions:

(financial,services,banks)
(financial,executive)
(financial,services,providers)
(financial,services,policies)
(financial,services,pension_resource_institute)
(financial,services,brokerage)
(financial,services,executive)
Inferred entity relationships (2)
(executive,financial,services) [inferred]
(executive,financial) [inferred]

challenge - Back to HLA

Trump took office and was never fully enacted: It was struck down in 2018 by an appeals court in the Fifth Circuit. That rule went further than the current one - it required financial firms to enter contracts with customers, which allowed them to sue, something the court argued went too far ...
High Level Abstractions:

(financial,court)

challenge - Back to HLA

Laby, vice dean and professor at Rutgers Law School, said the court that voided the Obama-era rule did not recognize the societal changes that had affected the market for retirement advice.. . In her opinion on behalf of the majority, the judge argued that when Congress enacted ERISA - in 1974 - it was well aware of the differences between investment advisers, who are fiduciaries, and stockbrokers and insurance agents, who "generally assumed no such status in selling products to clients." That's why, in part, the court argued fiduciary status shouldn't apply to brokers now ...
High Level Abstractions:

(advice,societal)

WIP - Back to HLA

The Biden administration's plan - and the final rule could differ from the initial October proposal - would require more financial professionals to act as gold-standard fiduciaries when they're making an investment recommendation or providing advice for compensation, at least when holding themselves out as trusted professionals ...
High Level Abstractions:

(investment,professionals,advice,gold-standard)
(financial,advice,fiduciaries)
(investment,fiduciaries,proposal)
(financial,advice,investment)
(investment,proposal)
(investment,professionals,advice,proposal)
(advice,fiduciaries,gold-standard)
(financial,advice,proposal)
(financial,professionals,proposal)
(professionals,proposal)
(investment,professionals,proposal)
(financial,advice,professionals)
(advice,professionals,gold-standard)
(investment,fiduciaries,gold-standard)
(investment,professionals,gold-standard)
(investment,professionals,advice,financial)
(investment,advice,proposal)
(financial,advice,gold-standard)
(professionals,fiduciaries,proposal)
(investment,advice,gold-standard)
(financial,professionals,fiduciaries,proposal)
(financial,fiduciaries,proposal)
(advice,professionals,proposal)
(advice,fiduciaries,proposal)
Inferred entity relationships (55)
(fiduciaries,investment,stockbrokers) [inferred]
(fiduciaries,professionals,regulatory) [inferred]
(financial,professionals,regulatory) [inferred]
(fiduciaries,financial,investment,professionals) [inferred]
(advice,gold-standard,investment) [inferred]
(fiduciaries,financial,lower-cost) [inferred]
(advice,fiduciaries,gold-standard) [inferred]
(advice,financial,proposal) [inferred]
(financial,professionals,proposal) [inferred]
(fiduciaries,financial,jason_berkowitz) [inferred]
(advice,fiduciaries,professionals) [inferred]
(fiduciaries,financial,proposal) [inferred]
(fiduciaries,financial,investment) [inferred]
(advice,fiduciaries,investment,professionals) [inferred]
(advice,financial,investment) [inferred]
(fiduciaries,financial,industry,professionals) [inferred]
(professionals,proposal) [inferred]
(fiduciaries,financial,industry) [inferred]
(fiduciaries,financial,regulation_best_interest) [inferred]
(advice,gold-standard,professionals) [inferred]
(investment,professionals,proposal) [inferred]
(fiduciaries,financial,house) [inferred]
(advice,investment,professionals,proposal) [inferred]
(financial,investment,professionals) [inferred]
(advice,fiduciaries,judge) [inferred]
(fiduciaries,financial,professionals,proposal) [inferred]
(gold-standard,investment,professionals) [inferred]
(advice,gold-standard,investment,professionals) [inferred]
(advice,financial,gold-standard) [inferred]
(investment,proposal) [inferred]
(fiduciaries,financial,professionals,regulation_best_interest) [inferred]
(fiduciaries,financial,regulatory) [inferred]
(advice,fiduciaries,proposal) [inferred]
(advice,fiduciaries,investment) [inferred]
(advice,professionals,regulation) [inferred]
(fiduciaries,financial,insured_retirement_institute,professionals) [inferred]
(fiduciaries,financial,professionals,regulatory) [inferred]
(advice,financial,professionals) [inferred]
(fiduciaries,gold-standard,investment) [inferred]
(fiduciaries,financial,lower-cost,professionals) [inferred]
(fiduciaries,financial,insured_retirement_institute) [inferred]
(fiduciaries,financial,jason_berkowitz,professionals) [inferred]
(advice,investment,proposal) [inferred]
(financial,professionals,regulation_best_interest) [inferred]
(fiduciaries,financial,house,professionals) [inferred]
(advice,fiduciaries,financial,professionals) [inferred]
(fiduciaries,professionals,regulation_best_interest) [inferred]
(fiduciaries,investment,judge) [inferred]
(advice,financial,insurance) [inferred]
(advice,fiduciaries,insurance) [inferred]
(advice,fiduciaries,financial) [inferred]
(fiduciaries,investment,professionals) [inferred]
(investment,professionals,regulation) [inferred]
(advice,fiduciaries,stockbrokers) [inferred]
(advice,financial,investment,professionals) [inferred]

WIP - Back to HLA

Elliott, who is also a certified financial planner, said she had seen the effects of inappropriate advice through her clients, who came to her after working with annuity and insurance brokers. ...
High Level Abstractions:

(financial,advice,clients)
(financial,advice,insurance)
(financial,clients,insurance)
(financial,advice,brokers)
Inferred entity relationships (29)
(advice,financial,gold-standard) [inferred]
(clients,financial,industry) [inferred]
(clients,financial,regulatory) [inferred]
(advice,brokers,stockbrokers) [inferred]
(advice,brokers,judge) [inferred]
(advice,brokers,fiduciaries) [inferred]
(advice,brokers,one-time) [inferred]
(advice,brokers,court) [inferred]
(advice,financial,professionals) [inferred]
(advice,financial,proposal) [inferred]
(clients,financial,households) [inferred]
(clients,financial,security) [inferred]
(clients,financial,regulation_best_interest) [inferred]
(clients,financial,insured_retirement_institute) [inferred]
(clients,financial,insurance) [inferred]
(advice,brokers,erisa) [inferred]
(advice,financial,investment) [inferred]
(clients,financial,so-called) [inferred]
(clients,financial,professionals) [inferred]
(advice,clients,fiduciaries) [inferred]
(clients,financial,jason_berkowitz) [inferred]
(advice,brokers,investment) [inferred]
(advice,clients) [inferred]
(advice,brokers,fixed) [inferred]
(advice,financial,investment,professionals) [inferred]
(advice,brokers,congress) [inferred]
(advice,brokers,clients) [inferred]
(advice,brokers,insurance) [inferred]
(clients,financial,middle-income) [inferred]

WIP - Back to HLA

The Biden administration's plan - and the final rule could differ from the initial October proposal - would require more financial professionals to act as gold-standard fiduciaries when they're making an investment recommendation or providing advice for compensation, at least when holding themselves out as trusted professionals. ...
High Level Abstractions:

(financial,professionals,fiduciaries,advice)
Inferred entity relationships (30)
(fiduciaries,financial,investment,professionals) [inferred]
(financial,professionals,regulatory) [inferred]
(fiduciaries,financial,lower-cost) [inferred]
(fiduciaries,financial,professionals,regulation_best_interest) [inferred]
(advice,fiduciaries,gold-standard) [inferred]
(fiduciaries,financial,regulatory) [inferred]
(advice,fiduciaries,proposal) [inferred]
(advice,fiduciaries,investment) [inferred]
(fiduciaries,financial,insured_retirement_institute,professionals) [inferred]
(fiduciaries,financial,professionals,regulatory) [inferred]
(fiduciaries,financial,jason_berkowitz) [inferred]
(fiduciaries,financial,lower-cost,professionals) [inferred]
(financial,professionals,proposal) [inferred]
(fiduciaries,financial,insured_retirement_institute) [inferred]
(advice,fiduciaries,professionals) [inferred]
(fiduciaries,financial,proposal) [inferred]
(fiduciaries,financial,investment) [inferred]
(fiduciaries,financial,jason_berkowitz,professionals) [inferred]
(financial,professionals,regulation_best_interest) [inferred]
(fiduciaries,financial,house,professionals) [inferred]
(advice,fiduciaries,investment,professionals) [inferred]
(fiduciaries,financial,industry,professionals) [inferred]
(fiduciaries,financial,industry) [inferred]
(fiduciaries,financial,regulation_best_interest) [inferred]
(advice,fiduciaries,insurance) [inferred]
(advice,fiduciaries,financial) [inferred]
(fiduciaries,financial,house) [inferred]
(advice,fiduciaries,judge) [inferred]
(fiduciaries,financial,professionals,proposal) [inferred]
(advice,fiduciaries,stockbrokers) [inferred]

WIP - Back to HLA

They argue that the more stringent ERISA standard would cause customers to lose access to advice (though comprehensive lower-cost advice from fiduciaries has become more accessible in recent years).. . The S.E.C.'s adoption of Regulation Best Interest "requires all financial professionals subject to the S.E.C.'s jurisdiction to put their clients'interest first - to not make recommendations that line their own pockets at the expense of their client," said Jason Berkowitz, chief legal and regulatory affairs officer at the Insured Retirement Institute, an industry group, during a House hearing about the rule in January ...
High Level Abstractions:

(financial,fiduciaries,regulation_best_interest)
(professionals,regulation_best_interest)
(financial,professionals,lower-cost)
(financial,professionals,fiduciaries,regulation_best_interest)
(financial,professionals,fiduciaries,lower-cost)
(professionals,fiduciaries,lower-cost)
(financial,professionals,regulation_best_interest)
(professionals,lower-cost)
(financial,fiduciaries,lower-cost)
(professionals,fiduciaries,regulation_best_interest)
Inferred entity relationships (26)
(fiduciaries,professionals,regulatory) [inferred]
(fiduciaries,financial,investment,professionals) [inferred]
(financial,professionals,regulatory) [inferred]
(fiduciaries,financial,lower-cost) [inferred]
(fiduciaries,financial,professionals,regulation_best_interest) [inferred]
(fiduciaries,financial,regulatory) [inferred]
(fiduciaries,financial,insured_retirement_institute,professionals) [inferred]
(fiduciaries,financial,professionals,regulatory) [inferred]
(financial,lower-cost,professionals) [inferred]
(fiduciaries,financial,jason_berkowitz) [inferred]
(fiduciaries,financial,lower-cost,professionals) [inferred]
(financial,professionals,proposal) [inferred]
(fiduciaries,financial,insured_retirement_institute) [inferred]
(fiduciaries,financial,proposal) [inferred]
(fiduciaries,financial,investment) [inferred]
(fiduciaries,financial,jason_berkowitz,professionals) [inferred]
(financial,professionals,regulation_best_interest) [inferred]
(fiduciaries,financial,house,professionals) [inferred]
(lower-cost,professionals) [inferred]
(fiduciaries,financial,industry,professionals) [inferred]
(fiduciaries,financial,industry) [inferred]
(fiduciaries,professionals,proposal) [inferred]
(fiduciaries,financial,regulation_best_interest) [inferred]
(fiduciaries,financial,house) [inferred]
(fiduciaries,financial,professionals,proposal) [inferred]
(professionals,regulation_best_interest) [inferred]

WIP - Back to HLA

Kamila Elliott, the founder and chief executive of Collective Wealth Partners, a financial planning firm in Atlanta whose clients include middle-income to high-earning Black households, testified at a congressional hearing in favor of the so-called retirement security rule. ...
High Level Abstractions:

(financial,security)
(financial,so-called)
(financial,clients,so-called)
(financial,clients,security)
Inferred entity relationships (13)
(clients,financial,so-called) [inferred]
(clients,financial,industry) [inferred]
(clients,financial,regulatory) [inferred]
(clients,financial,professionals) [inferred]
(clients,financial,jason_berkowitz) [inferred]
(financial,so-called) [inferred]
(clients,financial,households) [inferred]
(clients,financial,security) [inferred]
(financial,security) [inferred]
(clients,financial,regulation_best_interest) [inferred]
(clients,financial,insurance) [inferred]
(clients,financial,insured_retirement_institute) [inferred]
(clients,financial,middle-income) [inferred]

WIP - Back to HLA

Kamila Elliott, the founder and chief executive of Collective Wealth Partners, a financial planning firm in Atlanta whose clients include middle-income to high-earning Black households, testified at a congressional hearing in favor of the so-called retirement security rule ...
High Level Abstractions:

(financial,clients,middle-income)
(financial,clients,households)
Inferred entity relationships (11)
(clients,financial,so-called) [inferred]
(clients,financial,industry) [inferred]
(clients,financial,regulatory) [inferred]
(clients,financial,professionals) [inferred]
(clients,financial,jason_berkowitz) [inferred]
(clients,financial,households) [inferred]
(clients,financial,security) [inferred]
(clients,financial,regulation_best_interest) [inferred]
(clients,financial,insurance) [inferred]
(clients,financial,insured_retirement_institute) [inferred]
(clients,financial,middle-income) [inferred]

WIP - Back to HLA

Variable annuity and other products, however, fall within the domains of both the S.E.C. and the states.. . Stakeholders in the financial services and annuities industries say the current standards that apply are enough. This includes Regulation Best Interest, enacted by the S.E.C ...
High Level Abstractions:

(financial,services,industries)

WIP - Back to HLA

Variable annuity and other products, however, fall within the domains of both the S.E.C. and the states.. . Stakeholders in the financial services and annuities industries say the current standards that apply are enough ...
High Level Abstractions:

(financial,services,domains)

WIP - Back to HLA

But that type of care comes in degrees, and deciding exactly how far advisers should go has been the center of heated debate for nearly 15 years, pitting financial industry stakeholders, who argue their existing regulatory framework is enough, against the U.S. ...
High Level Abstractions:

(financial,regulatory)
(financial,industry)
Inferred entity relationships (1)
(financial,industry,professionals) [inferred]

WIP - Back to HLA

"There are ways that we're going to expect you to behave to ensure that the conflict doesn't drive the decision that you make.". . Kamila Elliott, the founder and chief executive of Collective Wealth Partners, a financial planning firm in Atlanta whose clients include middle-income to high-earning Black households, testified at a congressional hearing in favor of the so-called retirement security rule ...
High Level Abstractions:

(financial,executive)
Inferred entity relationships (1)
(executive,financial,services) [inferred]

WIP - Back to HLA

That rule went further than the current one - it required financial firms to enter contracts with customers, which allowed them to sue, something the court argued went too far. ...
High Level Abstractions:

(financial,sue)

WIP - Back to HLA

The Biden administration's final regulation, which will be released this spring, is expected to change that and patch other gaps: Investment professionals selling retirement plans and recommending investment menus to businesses would also be held to its fiduciary standard, as would professionals selling annuities inside retirement accounts ...
High Level Abstractions:

(investment,professionals,businesses)
(professionals,regulation)
(investment,regulation)
(investment,professionals,regulation)
(advice,professionals,regulation)
(advice,professionals,businesses)
Inferred entity relationships (4)
(investment,professionals,proposal) [inferred]
(investment,professionals,regulation) [inferred]
(professionals,regulation) [inferred]
(advice,professionals,proposal) [inferred]

WIP - Back to HLA

As it stands, it is much easier to avoid fiduciary status under the ERISA retirement law. Investment professionals must meet a five-part test before they are held to that standard, and one component states that professionals must provide advice on a regular basis ...
High Level Abstractions:

(investment,erisa,five-part)
(investment,professionals,erisa)
(investment,professionals,five-part)
(professionals,erisa)
Inferred entity relationships (5)
(five-part,investment,professionals) [inferred]
(erisa,investment,judge) [inferred]
(investment,professionals,proposal) [inferred]
(investment,professionals,regulation) [inferred]
(erisa,investment,stockbrokers) [inferred]

WIP - Back to HLA

In her opinion on behalf of the majority, the judge argued that when Congress enacted ERISA - in 1974 - it was well aware of the differences between investment advisers, who are fiduciaries, and stockbrokers and insurance agents, who "generally assumed no such status in selling products to clients." That's why, in part, the court argued fiduciary status shouldn't apply to brokers now ...
High Level Abstractions:

(investment,fiduciaries,judge)
(advice,brokers,stockbrokers)
(investment,fiduciaries,insurance)
(advice,brokers,fiduciaries)
(advice,fiduciaries,insurance)
(advice,fiduciaries,judge)
(investment,erisa,stockbrokers)
(advice,fiduciaries,erisa)
(advice,clients)
(investment,fiduciaries,stockbrokers)
(advice,fiduciaries,congress)
(investment,erisa,judge)
(investment,stockbrokers)
(investment,fiduciaries,erisa,insurance)
(investment,fiduciaries,clients)
(investment,erisa,congress)
(advice,brokers,insurance)
(advice,fiduciaries,stockbrokers)
(investment,insurance)
(investment,erisa,clients)
(advice,brokers,clients)
(advice,brokers,investment)
(investment,fiduciaries,congress)
(advice,brokers,judge)
(advice,stockbrokers)
(investment,fiduciaries,erisa,stockbrokers)
(investment,fiduciaries,erisa,clients)
(advice,fiduciaries,clients)
(investment,judge)
(investment,erisa,insurance)
(advice,brokers,congress)
(investment,fiduciaries,erisa,judge)
(investment,fiduciaries,erisa,congress)
(advice,insurance)
(advice,brokers,erisa)
Inferred entity relationships (49)
(fiduciaries,investment,stockbrokers) [inferred]
(fiduciaries,investment,proposal) [inferred]
(advice,brokers,stockbrokers) [inferred]
(erisa,fiduciaries,investment,stockbrokers) [inferred]
(congress,fiduciaries,investment) [inferred]
(clients,erisa,investment) [inferred]
(advice,fiduciaries,gold-standard) [inferred]
(advice,brokers,one-time) [inferred]
(advice,brokers,court) [inferred]
(advice,erisa,investment) [inferred]
(advice,fiduciaries,professionals) [inferred]
(brokers,erisa,investment) [inferred]
(advice,fiduciaries,investment,professionals) [inferred]
(clients,erisa,fiduciaries,investment) [inferred]
(congress,erisa,fiduciaries,investment) [inferred]
(erisa,fiduciaries,investment,judge) [inferred]
(advice,clients,fiduciaries) [inferred]
(advice,brokers,investment) [inferred]
(advice,brokers,fixed) [inferred]
(advice,fiduciaries,judge) [inferred]
(advice,clients) [inferred]
(advice,brokers,congress) [inferred]
(advice,brokers,insurance) [inferred]
(advice,clients,financial) [inferred]
(erisa,investment,judge) [inferred]
(erisa,fiduciaries,insurance,investment) [inferred]
(advice,brokers,financial) [inferred]
(advice,brokers,judge) [inferred]
(investment,stockbrokers) [inferred]
(advice,brokers,fiduciaries) [inferred]
(congress,erisa,investment) [inferred]
(advice,fiduciaries,proposal) [inferred]
(advice,fiduciaries,investment) [inferred]
(brokers,investment) [inferred]
(brokers,erisa,fiduciaries,investment) [inferred]
(clients,fiduciaries,investment) [inferred]
(advice,brokers,erisa) [inferred]
(fiduciaries,insurance,investment) [inferred]
(advice,fiduciaries,financial,professionals) [inferred]
(fiduciaries,investment,judge) [inferred]
(erisa,investment,stockbrokers) [inferred]
(advice,fiduciaries,insurance) [inferred]
(erisa,investment,professionals) [inferred]
(advice,fiduciaries,financial) [inferred]
(fiduciaries,investment,professionals) [inferred]
(investment,judge) [inferred]
(insurance,investment) [inferred]
(advice,fiduciaries,stockbrokers) [inferred]
(advice,brokers,clients) [inferred]

WIP - Back to HLA

In her opinion on behalf of the majority, the judge argued that when Congress enacted ERISA - in 1974 - it was well aware of the differences between investment advisers, who are fiduciaries, and stockbrokers and insurance agents, who "generally assumed no such status in selling products to clients." That's why, in part, the court argued fiduciary status shouldn't apply to brokers now. ...
High Level Abstractions:

(investment,fiduciaries,erisa,brokers)
(investment,fiduciaries,court)
(advice,brokers,court)
(advice,court)
(advice,fiduciaries,court)
(investment,brokers)
(investment,erisa,court)
(investment,fiduciaries,erisa,court)
(investment,erisa,brokers)
Inferred entity relationships (28)
(erisa,investment,judge) [inferred]
(fiduciaries,investment,stockbrokers) [inferred]
(erisa,fiduciaries,insurance,investment) [inferred]
(advice,brokers,financial) [inferred]
(advice,brokers,stockbrokers) [inferred]
(fiduciaries,investment,proposal) [inferred]
(erisa,fiduciaries,investment,stockbrokers) [inferred]
(advice,brokers,judge) [inferred]
(advice,brokers,fiduciaries) [inferred]
(advice,brokers,one-time) [inferred]
(brokers,erisa,fiduciaries,investment) [inferred]
(advice,court) [inferred]
(brokers,erisa,investment) [inferred]
(advice,brokers,erisa) [inferred]
(court,fiduciaries,investment) [inferred]
(fiduciaries,investment,judge) [inferred]
(erisa,fiduciaries,investment,judge) [inferred]
(erisa,investment,stockbrokers) [inferred]
(erisa,investment,professionals) [inferred]
(court,erisa,fiduciaries,investment) [inferred]
(fiduciaries,investment,professionals) [inferred]
(advice,brokers,investment) [inferred]
(advice,brokers,fixed) [inferred]
(advice,brokers,congress) [inferred]
(advice,brokers,clients) [inferred]
(advice,brokers,insurance) [inferred]
(advice,court,fiduciaries) [inferred]
(court,erisa,investment) [inferred]

WIP - Back to HLA

Annuity sellers are largely regulated by the state insurance commissioners, but legal experts say their best interest code of conduct, adopted in 45 states, is a weaker version than the one for investment brokers ...
High Level Abstractions:

(investment,insurance)
(investment,sellers)

WIP - Back to HLA

Investment professionals must meet a five-part test before they are held to that standard, and one component states that professionals must provide advice on a regular basis. ...
High Level Abstractions:

(investment,erisa,advice)
Inferred entity relationships (4)
(erisa,investment,professionals) [inferred]
(erisa,investment,judge) [inferred]
(advice,erisa,fiduciaries) [inferred]
(erisa,investment,stockbrokers) [inferred]

WIP - Back to HLA

Annuity sellers are largely regulated by the state insurance commissioners, but legal experts say their best interest code of conduct, adopted in 45 states, is a weaker version than the one for investment brokers. Variable annuity and other products, however, fall within the domains of both the S.E.C. ...
High Level Abstractions:

(investment,brokers)

WIP - Back to HLA

Annuity sellers are largely regulated by the state insurance commissioners, but legal experts say their best interest code of conduct, adopted in 45 states, is a weaker version than the one for investment brokers. Variable annuity and other products, however, fall within the domains of both the S.E.C ...
High Level Abstractions:

(investment,weaker)

WIP - Back to HLA

Elliott, who is also a certified financial planner, said she had seen the effects of inappropriate advice through her clients, who came to her after working with annuity and insurance brokers.. . One client was sold a fixed annuity in a one-time transaction when she was 48 ...
High Level Abstractions:

(advice,brokers,insurance)
(advice,insurance)
(advice,clients)
(advice,brokers,clients)
Inferred entity relationships (14)
(advice,brokers,financial) [inferred]
(advice,brokers,stockbrokers) [inferred]
(advice,brokers,judge) [inferred]
(advice,clients,fiduciaries) [inferred]
(advice,brokers,fiduciaries) [inferred]
(advice,brokers,one-time) [inferred]
(advice,brokers,court) [inferred]
(advice,brokers,investment) [inferred]
(advice,brokers,fixed) [inferred]
(advice,brokers,congress) [inferred]
(advice,brokers,clients) [inferred]
(advice,brokers,insurance) [inferred]
(advice,clients,financial) [inferred]
(advice,brokers,erisa) [inferred]

WIP - Back to HLA

Laby, vice dean and professor at Rutgers Law School, said the court that voided the Obama-era rule did not recognize the societal changes that had affected the market for retirement advice. ...
High Level Abstractions:

(advice,court)
(advice,voided)
Inferred entity relationships (1)
(advice,court,fiduciaries) [inferred]

WIP - Back to HLA

Elliott, who is also a certified financial planner, said she had seen the effects of inappropriate advice through her clients, who came to her after working with annuity and insurance brokers.. . One client was sold a fixed annuity in a one-time transaction when she was 48. ...
High Level Abstractions:

(advice,brokers,fixed)
(advice,brokers,one-time)
Inferred entity relationships (12)
(advice,brokers,financial) [inferred]
(advice,brokers,stockbrokers) [inferred]
(advice,brokers,judge) [inferred]
(advice,brokers,fiduciaries) [inferred]
(advice,brokers,one-time) [inferred]
(advice,brokers,court) [inferred]
(advice,brokers,investment) [inferred]
(advice,brokers,fixed) [inferred]
(advice,brokers,congress) [inferred]
(advice,brokers,clients) [inferred]
(advice,brokers,insurance) [inferred]
(advice,brokers,erisa) [inferred]

WIP - Back to HLA

"It shouldn't matter whether you're getting advice on an annuity, any kind of annuity, a security - if it's advice about your retirement, that should have a high standard that applies across the board," said Ali Khawar, the Labor Department's principal deputy assistant secretary of the Employee Benefits Security Administration ...
High Level Abstractions:

(advice,security)

WIP - Back to HLA

The varying "best interest" standards can be dizzying: Registered investment advisers are fiduciaries under the 1940 law that regulates them, but even their duty isn't viewed as quite as stringent as an ERISA fiduciary. Professionals at brokerage firms may be registered investment advisers, to whom the 1940 fiduciary standard applies - or registered representatives, to whom it does not ...
High Level Abstractions:

(professionals,erisa)

Semantics Relevance

How a New Rule Could Change the Way Advisers Handle Your Retirement Money