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House panel passes bill to replace DOL fiduciary rule with one requiring disclosure of conflicts

July 19, 2017

In a party line vote, the House Education and the Workforce Committee approved legislation on Wednesday that would kill the Labor Department fiduciary rule and replace it with an advice standard based on disclosure. It wasn't the only effort...

Bank of America's Moynihan: No quick pullback from fiduciary rule

July 18, 2017

Bank of America Corp's chairman and CEO, Brian Moynihan, does not see a quick pullback from the Department of Labor's fiduciary rule. The bank's global wealth and investment management group, which contains Merrill Lynch Wealth Management, last...

DOL fiduciary rule: Transfers of IRAs in the new fiduciary world

July 18, 2017

Advisers to plans, participants and individual retirement accounts are now fiduciaries under the Department of Labor's new regulation and prohibited transaction exemptions. As a general statement, any investment recommendation will be fiduciary...

House committees ready two assaults on DOL fiduciary rule this week

July 17, 2017

Two House panels are poised this week to launch assaults on the Labor Department's fiduciary rule. On Wednesday, the House Education and the Workforce Committee will vote on legislation that would repeal the regulation and replace it with an...

Best interest is in the eye of the beholder in debate over DOL fiduciary rule

July 14, 2017

The term "best interest" is subjective it seems in the debate over the Labor Department's fiduciary rule. The phrase is used by both critics and supporters of the measure to describe what they're trying to do for the average investor. The latest...

LPL to roll out new mutual fund platform as DOL fiduciary rule takes effect

July 13, 2017

LPL Financial announced Thursday it plans to roll out a new mutual fund platform to advisers early next year to eliminate perceived conflicts of interest in compensation as the Labor Department's fiduciary rule is set to take full effect. LPL,...

Democrats diss draft legislation to scrap DOL fiduciary rule, set best-interest advice standard for brokers

July 13, 2017

Democrats rejected on Thursday draft legislation to kill the Labor Department's fiduciary rule and replace it with an investment-advice standard for brokers contained in the measure. In a two-hour hearing of a House Financial Services subcommittee,...

SEC's Jay Clayton makes fiduciary duty a priority, acknowledges issue is 'complex'

July 12, 2017

In his first major address since taking office in May, SEC chairman Jay Clayton said a fiduciary rule is one of his priorities and that he would like to work with the Labor Department on an advice standard. "With the Department of Labor's fiduciary...

Rep. Wagner drafts bill to kill DOL fiduciary rule, replace it with best-interest standard

July 11, 2017

Legislation written by Rep. Ann Wagner, R-Mo., would eliminate the Labor Department's fiduciary rule and replace it with a best-interest standard for brokers giving retail investment advice. In Ms. Wagner's bill, brokers would have to provide...

How DOL questions foreshadow fiduciary rule's future

July 10, 2017

The fate of the remaining parts of the Labor Department’s fiduciary rule are foreshadowed in the types of questions the agency is asking in the request for information it recently released. The queries indicate that the agency likely will...

How did the DOL fiduciary rule change the world for 401(k) advisers?

July 6, 2017

With all the talk and activity around the Labor Department's fiduciary rule, you might have imagined a dramatically different world for advisers when they came to work June 9, the rule's official implementation date. But, for the vast majority...

Who the winners are in the implementation of the DOL fiduciary rule

July 5, 2017

I was helping my son with his homework last week, and we were talking about the meaning behind Robert Frost's "The Road Not Taken." It was fascinating and honestly refreshing to hear his interpretation of the poem's meaning — and the logic...

DOL defends fiduciary rule in brief to appeals court in industry lawsuit

July 5, 2017

The Department of Labor defended its fiduciary rule in a brief submitted to an appeals court earlier this week, giving supporters of the rule hope that most of it can survive a review the agency is conducting. In a brief filed on July 3 in the...

Are regulators equipped to monitor robo-advisers as fiduciaries?

June 30, 2017

Securities rules require robo-advisers to act as fiduciaries in providing investment advice to clients, but a new research paper calls into question whether regulators have the necessary tools to monitor these platforms to see if they really...

DOL issues request for comment on fiduciary rule to guide review, possible revisions of measure

June 29, 2017

The Labor Department on Thursday evening released a request for comment on the agency's fiduciary rule, seeking input on whether to delay the Jan. 1 full implementation date and soliciting suggestions for streamlining major provisions. The deadline...

Labor's Alexander Acosta and SEC's Jay Clayton tell lawmakers they will work together on fiduciary rule

June 27, 2017

Labor Secretary Alexander Acosta and Securities and Exchange Commission Chairman Jay Clayton told lawmakers on Tuesday that their agencies would work together on investment advice regulation. In separate appearances before Senate panels, the...

LPL provides clarity on rule preventing hybrid RIAs from making 401(k) rollover recommendations as a broker

June 26, 2017

Editor's note: An earlier version of this story indicated that LPL's memo represented a new policy when in fact it reinforced an existing policy. LPL Financial, the largest independent broker-dealer in the U.S., is no longer allowing hybrid...

The fiduciary rule for retirement advice faces an uncertain future

June 26, 2017

As his first major policy initiative, Securities and Exchange Commission Chairman Jay Clayton announced on June 1 that he welcomed an invitation by Labor Secretary Alexander Acosta to, among other things, "engage constructively as the Commission...

CFP Board proposal another signal fiduciary is the future

June 24, 2017

The Certified Financial Planner Board of Standards Inc. added its voice to the fiduciary debate last week. In a proposed update to its code of ethics and standards released last week, the board broadened its application of when CFP professionals...

Finra awards $440,000 in case against Ameriprise

June 23, 2017

Saying that Ameriprise was liable, a Finra arbitration panel awarded $440,158 in compensatory damages sought by heirs to one of the firm's clients. In an award document, the Financial Industry Regulatory Authority Inc.'s Office of Dispute Resolution...

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