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Morgan Stanley eliminating commissions, finder's fees in 401(k) plans

March 24, 2017

Morgan Stanley Wealth Management is eliminating commission payments and finder's fees for its advisers servicing 401(k) plans, shifting entirely to a level compensation arrangement based on plan assets, according to a source with knowledge of...

Merrill Lynch and Morgan Stanley: A tale of two fiduciary 401(k) business models

March 24, 2017

The wealth management units at Merrill Lynch and Morgan Stanley within the past few weeks announced substantive changes to their respective 401(k) businesses, and while each approach shares common ground they also differ in notable ways. Where...

Labor secretary nominee Acosta will follow Trump's direction on DOL fiduciary rule

March 22, 2017

In a confirmation hearing before the Senate Health, Education, Labor and Pensions Committee on Wednesday, Secretary of Labor nominee R. Alexander Acosta said if confirmed he would support President Donald J. Trump's directions to review the...

Labor Secretary nominee Alexander Acosta says little about DOL fiduciary rule

March 22, 2017

President Donald J. Trump's nominee for labor secretary expressed support for increasing the salary threshold at which overtime must be paid to employees, but declined to commit to defend the rate put in place by the Obama administration. During...

Texas judge shoots down latest effort to halt DOL fiduciary rule

March 21, 2017

Opponents of the Department of Labor's fiduciary rule were dealt another blow Monday, when a federal judge in Dallas denied their latest effort to halt its implementation. Chief Judge Barbara M.G. Lynn of the U.S. District Court for Northern...

Tax reform could be 'way worse' for retirement industry than Department of Labor's fiduciary rule: Graff

March 20, 2017

Some of the reforms being weighed in Washington as part of a comprehensive tax-reform package could end up having a much more negative impact on the retirement industry than the Department of Labor's fiduciary rule, warns an executive with the...

Despite uncertainty, Department of Labor fiduciary rule upends 401(k) biz

March 19, 2017

Even though its fate is unclear, the Department of Labor's fiduciary rule is upending the retirement plan adviser market, which spans the adviser spectrum from "dabblers" to defined contribution "specialists." Observers say such changes began...

Plan sponsors want help with DOL fiduciary duties

March 19, 2017

Plan sponsors worry about participants suing over inferior investment choices or high fees. At the same time, they're anxious about the Labor Department or Internal Revenue Service finding fault with their plan design or processes. They want...

House Democrats denounce DOL rule delay as comment period closes

March 17, 2017

A truncated comment period for a proposed delay to the Labor Department's fiduciary rule came to a close on Friday with a letter from 40 House Democrats denouncing the stall. In their missive, the Democrats said that the Trump administration...

Financial Planning Coalition: DOL fiduciary rule delay harms investors, violates regulatory requirements

March 15, 2017

Delaying the Department of Labor's fiduciary rule would harm investors and violate regulatory requirements, groups representing investment advisers asserted in a comment letter on Wednesday. The Financial Planning Coalition said that the proposal...

Keep calm and carry on with both commissions and fees

March 15, 2017

Heightened transparency and education around the many financial products and services available in the marketplace today is critical in a client-adviser relationship, particularly surrounding changing consumer preferences for financial advice....

Will the DOL fiduciary rule kill 401(k) plan referrals?

March 15, 2017

Experienced defined contribution plan advisers are excited about the potential flood of referrals from less-experienced plan advisers not interested in acting as a 401(k) plan fiduciary when the DOL fiduciary rule kicks in. Many less-experienced...

Merrill Lynch outlines plans for its 401(k) fiduciary platform

March 15, 2017

Merrill Lynch Wealth Management outlined plans Wednesday to transition its defined-contribution-plan business over to a fiduciary model, coming several months after the firm announced similar plans for its retail retirement business and as the...

The Department of Labor's fiduciary rule: Where are we now?

March 14, 2017

The Trump administration has issued a proposed regulation to delay the applicability date of the Department of Labor's fiduciary rule. That will almost certainly be followed by a final rule that delays the date until June 9, 2017. During that...

DOL fiduciary rule opponents file injunction in Dallas court

March 14, 2017

Opponents of the Department of Labor fiduciary rule are seeking to block the measure in a Dallas federal court, while in Washington they're submitting comment letters in support of delaying next month's implementation deadline. In the U.S. District...

DOL must put the fiduciary delay to good use, integrate past work

March 12, 2017

As the Labor​ Department collects comments on its proposed delay to the fiduciary rule, InvestmentNews has some words to share with the agency on getting real about what the ultimate goal is here. We've covered this regulation for almost seven...

DOL issues bulletin to ease confusion over near-term fiduciary rule compliance

March 10, 2017

The Department of Labor on Friday issued an enforcement memorandum intended to ease compliance concerns related to its fiduciary rule in the near term, as the agency reviews the rule and decides whether or not to delay it. John J. Canary, the...

Merrill Lynch may be positioning itself for more commission flexibility in the future

March 10, 2017

Merrill Lynch's announcement that it may offer commissions in retail retirement accounts in limited circumstances may be an indication that it is giving itself some flexibility in case the Department of Labor's fiduciary rule is repealed, according...

Merrill suggests it may reverse course on commissions

March 9, 2017

The head of Merrill Lynch Wealth Management signaled Thursday the firm may back off its wholesale scrapping of commissions in retirement accounts under the Department of Labor fiduciary rule. The wirehouse had announced in October that it would...

Brokers-dealers move to trim fund offerings as they adjust to DOL rule

March 8, 2017

The Department of Labor's fiduciary rule has led broker-dealers to take stock of the mutual funds they distribute, and the outlook isn't rosy for small investment providers. Many broker-dealers have decided to — or are at least considering...

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