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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...

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...

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...

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: 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 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...

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 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...

How one 401(k) adviser is successfully prospecting clients under the DOL fiduciary rule

August 9, 2017

The Department of Labor's fiduciary rule is expected to create a bundle of client prospecting opportunities for advisers specializing in retirement plans, as less-experienced 401(k) advisers exit the market or employers ditch them for a more...

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...

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