The insurance and brokerage industries have shelled out many more dollars for congressional campaigns and lobbying than investment adviser organizations.
The rule opens the door to future customer litigation and opportunity for regulators to impose sanctions or fines on smaller broker-dealers.
The firm's CEO sees opportunities in the looming disruption. <b><i>(Fiduciary Focus: <a href="//www.investmentnews.com/section/fiduciary-focus"" target=""_blank"" rel="noopener noreferrer">Follow the latest news and developments on the DOL rule change</a>)</i></b>
A $2 billion payment is due July 1 and funds still have big chunks of the bonds in their portfolios.
CEO James Gorman says DOL's fiduciary rule isn't "the be-all and end-all" for the bank's brokerage business.
Inherent to acting in a client's best interest is ensuring costs are reasonable, an ERISA concept brokers need to understand.
Fixed indexed annuities lost a favorable exemption they enjoyed under the proposed rule, and the impact on variable annuities likely won't be much changed from original forecasts.
The move is another sign that the days of high-cost funds are numbered, and that the Department of Labor's new rule is speeding that decline.
The rule is likely to unleash a wave of software upgrades and business relationships that will result in greater efficiencies for advisory firms.
One of the most intractable issues facing the advisory business is the severe imbalance in examination frequency between broker-dealers and RIAs.
But without enough votes to overturn a threatened presidential veto, assistant secretary of Labor Phyllis Borzi calls the action 'the usual Washington Kabuki theater.'
The financial industry generally has not barked about the final fiduciary rule, but that doesn't mean that it won't eventually bite.
Plus: Warren Buffett isn't sweating the election outcome, find out if you're getting a fair price for airfares, and a Goldman Sachs gym with progressive membership dues
In the latest sign of the changes to come in the wake of the new DOL fiduciary rule, Charles Schwab is taking mutual funds with sales loads off its shelves.
Increased SEC scrutiny may be making ETF providers uncomfortable, and the industry may soon have to adapt to new regulations. </br><b><i>(More: <a href="http://www.investmentnews.com/section/specialreport/20160417/ETF042016" target="_blank">The full Spotlight on ETFs special report</a>)</b></i>
Experts say the complexity of retirement income planning can set human advisers apart and justify their fees.
The first installment of InvestmentNews' new <i>Fiduciary Focus</i> column looks inside the political wrangling taking place as the fiduciary rule nears finalization.
<i>InvestmentNews</i> senior columnist Bruce Kelly talks about the challenges facing indie B-Ds and what many firms are doing to survive.
Move to Merill Lynch One platform will blunt regulation's impact.
Massachusetts securities division examining independent broker-dealers that sold RCS alternative investments such as nontraded REITs.
