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Congress likely to 'push down' the priority of killing DOL fiduciary rule

September 7, 2017

A main congressional opponent of the Department of Labor's fiduciary rule said Thursday that Capitol Hill's swelling political agenda will decrease the priority level of taking up legislation to kill the rule. "Right now, you've got a debt-ceiling...

Battle lines form as SEC considers new fiduciary rule

September 6, 2017

The Securities and Exchange Commission should not blend investment-advice standards that apply to investment advisers and brokers, as the agency considers a new advice rule, the Investment Adviser Association said in a recent comment letter....

Dalia Blass could tackle fiduciary standard as first order of business at SEC

September 6, 2017

Dalia Blass' first order of business as head of the Securities and Exchange Commission's Division of Investment Management could be to shape the agency's position on a fiduciary standard. "I'm going to be surprised if that's not the first order...

Sen. Elizabeth Warren urges DOL to implement fiduciary rule without delay

September 5, 2017

Sen. Elizabeth Warren (D-Mass.) has sent a letter to Labor Secretary Alexander Acosta asking him to implement the fiduciary rule in full, and not press forward with a delay of its partial applicability from January 2018 to July 2019. A delay,...

The challenge of the longer lifespan

September 1, 2017

"Live long and prosper," Star Trek's Mr. Spock and his fellow Vulcans liked to say as a valedictory blessing. But for most people, living long will pose the greatest threat to their prosperity, cautions "We'll Live to 100 – How Can We Afford...

Trump administration targets class-action right in DOL fiduciary rule, but other legal avenues could remain for investors

August 31, 2017

Even before the Labor Department has finished its review of its fiduciary rule, the Trump administration has made clear that it is targeting a part of the measure that would make it easier for investors to pursue class-action lawsuits against...

DOL fiduciary rule: Agency says it will come up with new ways to comply during delay period

August 30, 2017

The Labor Department said Wednesday that it will propose new ways for financial advisers to comply with its fiduciary rule during its proposed 18-month delay in the implementation of the measure's second phase. The DOL said that the paused is...

DOL fiduciary rule: The 5 biggest things to watch for if BICE's class-action provision is killed

August 29, 2017

The Trump administration last week delivered a clear signal it aims to kill one of the most hotly contested parts of its fiduciary rule — the provision about class-action lawsuits. Beginning Jan. 1 — or July 2019 if the DOL delays that implementation...

OMB approves proposal for 18-month delay of DOL fiduciary rule's second phase

August 29, 2017

The Office of Management and Budget has approved a proposal to delay for 18 months implementation of the remaining provisions in the Labor Department's fiduciary rule. The OMB made its determination on Monday and posted the decision on its website...

Opponents of DOL fiduciary rule raise same concerns about CFP Board proposal

August 28, 2017

Opponents of the Labor Department fiduciary rule are leveling the same criticisms they made of that measure on a proposal to strengthen advice standards for certified financial planners, with one trade association asserting the changes could...

DOL fiduciary rule: Trump administration signals intent to kill class-action provision in BICE

August 25, 2017

The Trump administration has delivered what seems to be its clearest signal yet that it is seeking to remove the class-action-litigation provision from the Department of Labor's fiduciary rule. In an Aug. 23 letter to Minnesota district court...

DOL fiduciary rule driving fundamental shift in variable annuity market

August 24, 2017

The Department of Labor's fiduciary rule is shaking things up in the variable annuity market. While the regulation has accelerated the downward trend in overall variable annuity sales for the past several quarters, only recently has the rule's...

Fiduciary advocates press CFP Board for specifics on standards changes

August 21, 2017

Fiduciary advocates are urging the Certified Financial Planner Board of Standards Inc. to clarify how credential holders must avoid or manage conflicts of interest under a proposed reform of the mark's rules. Earlier this summer, the CFP Board...

Making the most of another delay in the DOL's fiduciary rule

August 20, 2017

After seven long years of argument and comment, one would expect that the Labor Department's fiduciary rule would be a done deal, and would now be going into full effect. Alas, no. While the DOL has allowed parts of the rule to go into effect,...

The DOL fiduciary rule practically necessitates account aggregation

August 18, 2017

We are moving toward a world in which account aggregation will become a necessity for the financial advice industry. Let me explain. Whether it's in January 2018 or July 2019, or at some other date down the road, the Department of Labor's fiduciary...

Plenty of advisers eager to scoop up 'orphaned' accounts

August 17, 2017

The financial services industry would like to kill the Department of Labor's fiduciary standard. It's expensive to put into place, and the industry's grave fear is that it leaves brokers open to substantial legal risk. As part of its effort...

Fiduciary double standard gives robos a free ride

August 17, 2017

Direct-to-consumer robo-advisers are not being held to the same fiduciary standard as human advisers. This fact is unfair to human advisers and ultimately harmful to the investing public. In February 2017, the Securities and Exchange Commission...

Anticipating delay to DOL fiduciary rule, broker-dealers and RIAs change course

August 16, 2017

Broker-dealers and registered investment advisers are pivoting in the wake of news that the Department of Labor is likely to get a lengthy delay in the implementation date of its fiduciary rule. While strategies and mechanisms put in place thus...

Best-interest contract could be casualty of DOL fiduciary rule delay

August 15, 2017

The part of the Labor Department's fiduciary rule that has heartened supporters and caused heartburn for opponents, the best-interest contract, could become a casualty of the ongoing reassessment of the rule. The DOL said last week in a court...

DOL fiduciary rule: Brokers, advisers hoping delay is time well spent

August 10, 2017

The 18-month delay of the Department of Labor's fiduciary rule will lead to more talk and more confusion, according to brokers and advisers. "This [delay] is the stupidest thing I've ever heard, because the longer it goes on, the worse it is...

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