The DOL's move comes days after a Dallas federal judge upheld the rule, dealing a setback to financial industry attempts to kill the measure.#DOL: Word on the street is that the DOL has sent a proposal to the OMB to delay the applicability date for the #fiduciary rule by 180 days.
— fred reish (@fredreish) February 9, 2017
In an 81-page ruling, Chief Judge Barbara M.G. Lynn of the Northern District of Texas granted summary judgment to the DOL. She shot down each of the major arguments submitted by the plaintiffs, a group of nine financial industry trade groups including the U.S. Chamber of Commerce, the Securities Industry and Financial Markets Association, the Financial Services Institute, the Financial Services Roundtable and the Insured Retirement Institute. On Feb. 3, President Donald J. Trump directed the DOL to review the rule to determine whether it harms investors or firms, and encouraged the agency to amend or rescind the measure if it does. The Labor Department under former President Barack Obama first proposed the rule in September 2010. Amid a flood of criticism from the financial services industry, that proposal was withdrawn a year later. In April 2015 it was reintroduced with significant modifications. It was made final on April 6, 2016. (Related read: The latest news and resources on the DOL fiduciary rule)It is reported that DOL sent OMB proposal today to delay #FiduciaryRule 180 days w/ 15-day notice/comment period. We'll keep you posted...
— Jason C. Roberts (@JasonRobertsESQ) February 10, 2017
Getting a client into a fund has never been easier – but after that, the hardest part is yet to come.
A former NYLIFE Securities rep was permanently barred after using internet-enabled glasses to cheat on the Series 6 exam
Both of Vanguard's acquisitions have targeted the RIA industry, but the first ended in a legal settlement just weeks before buying Altruist.
Chris Davitt and Anupam Singh bring institutional recruiting muscle to a firm built for advisors chasing equity and independence.
Appointment continues a wave of AI leadership hires reshaping wealth management as advisory firms race to build out digital and data infrastructure.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income