Executives from broker-dealers and RIAs say the fallout would create opportunity for advisers specializing in 401(k) plans to steal business away from “generalist” advisers.
Brian Graff, the executive director of NAPA, equates the rule to an infant that “pees you in the face,” joining a large chorus of observers citing the complexity of the new regulation and the massive shake-up it will have on the industry.
The agency's final reg will allow the asset class to be sold after all.
Wine mogul Peter Deutsch is seeking as much as $500 million in damages from Fidelity for a bad investment in one Chinese stock.
U.K., Australia both passed fiduciary rules, though their versions weren't limited to retirement advice. How have they fared, and what can U.S. advisers learn from them? </br><b><i>(More: <a href="//www.investmentnews.com/section/fiduciary-focus"" target=""_blank"" rel="noopener noreferrer">Coverage of the DOL fiduciary rule from every angle</a>)</b></i>
The retirement plan sponsor role comes with a very clear set of regulatory obligations to the Department of Labor &mdash; whether your clients are aware of them or not.
Measure would square the safe harbor already provided to mutual funds.
Officials to debate whether to reinstate risk assessment
While the Labor Department's modifications in the final rule have muted industry opponents for the moment, Congress continues the old fight.
Three GOP senators co-sponsor a resolution to kill the regulation, though it's seen as symbolic, as President Obama would surely veto the measure if it passed.
A professor formed an initiative to define the term and help advisers understand the DOL's fiduciary rule.
<i>Breakfast with Benjamin</i> The dust around SAC Capital has settled enough so that Steven Cohen has a new entry point into the asset management business.
Brokers may continue selling higher-cost proprietary products if they meet certain conditions.
They will need to marginally modify their policies and procedures, adjust client agreements and other documents, as well as provide additional client disclosures.
Emails show collaboration on strategy and event planning between the powerful lobby, the administration and Labor Department.
Changes will be felt most markedly in the retail market, where investors will serve as their own enforcement agents.
Final version includes a number of changes that address the most serious concerns of those who most vehemently criticized it.
The broker lobbying group also remains concerned about cost and limited investment choices for investors.
Advisers should weigh wealth management technology as an answer to their small-account woes.
Firms need to be proactive in conveying information to their advisers.
