The mergers we may see as a by-product of the DOL rule are likely to be trickier — and more permanent — affiliations, and advisers will need to do their homework.
The legislation, which would automatically enroll employees without retirement-plan access, is a companion bill to one put forth in the Senate earlier this year.
The Labor Department's determination to move ahead with the fiduciary rule in spite of others' grave misgivings has left us with no other choice than to bring this issue before a court of law.
Even those fighting the regulation say advisers need to start making business decisions to meet April 2017 implementation.
Registered investment advisers can be held liable if they don't act in clients' 'sole interest' when it comes to retirement advice.
Firm's moves stem from error it made in voting on the 2013 buyout of Dell.
Deputy Assistant Secretary Timothy Hauser was scheduled to participate but abruptly backed out late last week, after the Insured Retirement Institute joined a lawsuit seeking to vacate the rule.
The National Association for Fixed Annuities levies similar arguments to the initial suit, filed just one day earlier.
Although the Labor Department doesn't have enforcement authority over IRAs, it does have interpretive authority, observers say.
If a firm's transition to the Best Interest Contract Exemption is done using paper contracts and disclosure forms, it could be costly, difficult and risky to manage.
More than 30,000 non-traditional ETF transactions, totaling approximately $1.7 billion, were carried out by Oppenheimer representatives, according to the regulator.
Bipartisan legislation would make it possible for students to save funds from stipends or fellowships in an IRA.
Experts weigh plaintiffs' likely arguments versus Labor Department's legal standing and odds in court.
There are two different versions in the exemption, each with respective limitations and benefits that advisers and their institutions must master.
Deputy assistant secretary Tim Hauser said the Labor Department has room to adjust the rule if problems arise.
By taking five steps, firms and their advisers can make sure they have addressed the corporate culture indicators on Finra's radar.
If the industry was really serious about getting rid of rogue brokers, it would do more both individually and through Finra.
The U.S. senator raised doubts on Thursday about whether the financial industry can police itself.
