The Labor Department has sent its latest version of the fiduciary rule update to the Office of Management and Budget for a final review.
Once it's approved by the OMB, the updated rule, which aligns with the Securities and Exchange Commission’s Regulation Best Interest, would be released by the Labor Department and published in the Federal Register.
The approval and release of the updated rule may be moot, however, since the timing of its review and publication makes easy nullification possible by the incoming Biden Administration.
“If there’s not a second term of the Trump administration, it’s quite likely that the DOL fiduciary rule, as the Trump administration envisions, is a dead letter,” Brad Campbell, the former head of the Labor Department’s Employee Benefits Security Administration, told participants in a recent webcast conducted by Faegre Drinker, where he is a partner.
Campbell said the update would had to have been filed by last Friday, Nov. 20, to avoid the issue.
Rajesh Markan earlier this year pleaded guilty to one count of criminal fraud related to his sale of fake investments to 10 clients totaling $2.9 million.
From building trust to steering through emotions and responding to client challenges, new advisors need human skills to shape the future of the advice industry.
"The outcome is correct, but it's disappointing that FINRA had ample opportunity to investigate the merits of clients' allegations in these claims, including the testimony in the three investor arbitrations with hearings," Jeff Erez, a plaintiff's attorney representing a large portion of the Stifel clients, said.
Chair also praised the passage of stablecoin legislation this week.
Maridea Wealth Management's deal in Chicago, Illinois is its first after securing a strategic investment in April.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
