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DOL fiduciary rule compliance costs exceed $4.7 billion: SIFMA study

August 10, 2017

The brokerage industry will spend more than $4.7 billion in start-up costs relating to the Department of Labor's new fiduciary rule, far exceeding the DOL's estimated costs for broker-dealers of $2 billion to $3 billion, according to a study...

DOL fiduciary rule: Indexed, variable annuities big winners of a proposed delay

August 10, 2017

Indexed and variable annuities are the biggest winners of the Department of Labor's recently telegraphed fiduciary rule delay. Sales of the products, especially indexed annuities, would arguably have been the most adversely impacted under the...

DOL seeks to delay fiduciary rule until July 2019

August 9, 2017

Supporters of the Labor Department's fiduciary rule are calling an 18-month implementation delay too long, while opponents are saying the postponement is needed to give the agency time to review the rule. In a brief filed in a Minnesota lawsuit...

Financial trade groups to DOL: Advisers dumping small accounts

August 8, 2017

The Department of Labor's new fiduciary standard for retirement accounts is creating tens of thousands of "orphaned" investment accounts and limiting consumers' access to financial products and services, according to the Insured Retirement Institute,...

ICI's Paul Schott Stevens: DOL fiduciary rule review is opportunity for SEC

August 7, 2017

Securities and Exchange Commission Chairman Jay Clayton deserves credit for his decisive action inviting public feedback on the standards of conduct for financial advisers to retail investors. He now has a critical window of opportunity to press...

Industry groups opposing DOL fiduciary rule maximize spending on author of bill to kill measure

August 4, 2017

Several financial industry trade associations that oppose the Labor Department's fiduciary rule have maximized their campaign spending on the author of legislation that would kill the rule. In the first half of year, the Financial Services Institute,...

DOL releases new fiduciary rule FAQs focused on 401(k) plans

August 4, 2017

The Department of Labor has released a new round of answers to frequently asked questions on the fiduciary rule, focusing primarily on issues affecting defined contribution plans and retirement plan advisers. The FAQs, released Thursday afternoon,...

Fiduciary rule will top agenda for new head of SEC's Division of Investment Management

August 3, 2017

Leadership of the Securities and Exchange Commission's division that writes rules governing investment advisers is changing hands, as the agency renews its effort to raise advice standards. The SEC announced on Thursday that the director of...

Consumer and insurance groups disagree on advice standard for annuity sales ​

August 2, 2017

An effort by state insurance regulators to raise investment-advice standards for annuity sales appears to be driving a wedge between consumer organizations and a life insurance trade association. In light of the Labor Department's fiduciary...

DOL fiduciary rule already proving to be harmful and onerous

July 31, 2017

With the DOL fiduciary rule beginning to take effect earlier this year, it is becoming more clear each day that the warnings raised by the Financial Services Institute and our members about the rule's dangers for Main Street American investors...

Stifel CEO raises doubts about future of DOL rule

July 31, 2017

While many broker-dealers are moving to comply with the Department of Labor's new fiduciary rule, at least one CEO doesn't expect the second phase of the rule to be implemented on schedule — if at all. Speaking to analysts during a second-quarter...

Massachusetts regulator blasts SEC's Piwowar over fiduciary rule

July 28, 2017

Citing the "horrific financial abuses associated with conflicted advice in the area of retirement rollovers" in a letter to the Department of Labor, Massachusetts' securities regulator William Galvin criticized recent comments by SEC Commissioner...

Jay Clayton says SEC, DOL can give market 'clarity' on fiduciary rule

July 26, 2017

Securities and Exchange Commission Chairman Jay Clayton expressed confidence Wednesday that his agency and the Labor Department could reach "common ground" on an investment advice standard across all accounts. In an appearance at the U.S. Chamber...

Sen. Gary Peters brings broker background to work every day on Capitol Hill

July 25, 2017

Sen. Gary Peters, D-Mich., has always had some concerns about the Labor Department's fiduciary rule, but that doesn't mean he wants to see the Trump administration rip it up and start over. Mr. Peters' position represents the challenge financial...

DOL fiduciary rule opponents want to push implementation back until 2019

July 24, 2017

Critics of the DOL fiduciary rule are urging the Labor Department to delay its implementation until January 2019 — or possibly longer. "To provide needed certainty, reduce harm to investors and limit unnecessary 'sunk' costs associated with...

DOL fiduciary rule causing DC-plan record keepers to change business with insurance agents

July 24, 2017

Independent insurance agents have been among the most affected by the Department of Labor's fiduciary rule, and it appears some defined-contribution-plan record keepers have been contributing to that upheaval. Record keepers such as Principal...

Understanding algorithms is key to gauging robo fiduciary status

July 22, 2017

Subtle biases in,​ subtly biased advice out — could that be a hidden problem with some robo-advice programs? And if so, can regulators identify it? As reported in the June 30 issue of InvestmentNews, a recent academic paper suggests the...

Don't forget: Comment period for CFP Board's new standards ends Aug. 21

July 21, 2017

Editor's note: Dan Candura takes a break from answering adviser questions this month, but will resume doing so in his next column. Last month the CFP Board of Standards Inc. released a proposal to update the Standards of Professional Conduct...

Sean Spicer resigns as press secretary after Anthony Scaramucci is appointed communications director

July 21, 2017

White House Press Secretary Sean Spicer resigned on Friday after President Donald Trump hired financier Anthony Scaramucci as his communications director, a White House official said. The White House communications staff were meeting in Spicer's...

DOL regulation translates into pay cut for some advisers

July 20, 2017

The Department of Labor's fiduciary rule has morphed into a pay cut for some advisers, who are left wondering whether a reduction in their compensation is being used to bolster the bottom lines of the broker-dealers with which they work. Sure,...

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