Advisers will need to be able to demonstrate they are recommending low-fee and high-performance products.
In an 81-page ruling, Chief Judge Barbara M.G. Lynn of the Northern District of Texas, shot down each of the major arguments submitted by industry trade groups. <b>Plus: <a href="//www.investmentnews.com/article/20170208/FREE/170209909/justice-department-seeks-stay-in-dol-fiduciary-rule-lawsuit"" target=""_blank"" rel="noopener noreferrer">Justice Dept. seeks stay in DOL rule lawsuit</a>)</i></b>
Twenty-one firms have responded to a Jan. 19 letter challenging them to resist the Trump administration's efforts to stop the regulation, Ms. Warren told Acting Labor Secretary Edward Hugler.
Almost half of advisers haven't slowed their compliance plans despite talk of delays
Firms would be better off with shorter, more frequent sessions for employeees
Adam Blank on Monday filed the lawsuit in U.S. district court, southern district of New York against Tripoint Global Equities, related entities and executives. Mr. Blank, and associated trusts, made $1.5 million in investments into the alleged scheme.
An order aimed at reducing regulation and controlling regulatory costs could sow confusion over issues such as executive compensation and the fate of planned rules affecting employer retirement plans.
The level of trading was unsuitable for the client given her age, risk tolerance and income needs, according to the regulator.
Fintech firm will make the Marstone digital-advice platform available to the 13,000 financial institutions it works with.
President Trump's initial draft memo, later revised, may have spelled out the administration's coming plans: to delay the rule for six months and seek a stay in the legal proceedings.
The new president wants to get rid of the tax, but details are sketchy, leaving estate-tax planning in limbo. <b><i>(More: <a href="http://www.investmentnews.com/article/20170205/FREE/170209957" target="_blank">Estate-tax flux could boost grantor trusts</a>)</b></i>
Scrapping or revising the law could lead to the disappearance of the Harkin Amendment, which would pave the way to indexed annuities being classified as securities rather than insurance products.
Delaying implementation of the Labor Department rule is the first step Republicans and the finance industry are eyeing as part of a broader overhaul of the measure.
Many broker-dealers &mdash; including Merrill Lynch, Morgan Stanley and Wells Fargo &mdash; are preparing for the changes in operations the rule would have created. <b>Plus: <a href="//www.investmentnews.com/section/video?playerType=INTV&bctid=5309561439001&date=20170203"" target=""_blank"" rel="noopener noreferrer">Advisers react to Trump's DOL rule decision</a></b>
President Trump's decision to halt the DOL fiduciary rule drew mixed reactions from industry professionals.
A final version of the document does not direct the DOL to delay the rule for six months, nor does it tell the agency to consult with the Department of Justice to seek a stay of the litigation surrounding the rule.
The DOL is expected to prepare an updated economic and legal analysis concerning the likely impact of the rule.
The move scrambles the fierce six-year battle over the rule, which would require financial advisers to act in the best interests of their clients in retirement accounts. <b>Plus: <a href="//www.investmentnews.com/section/video?playerType=INTV&bctid=5309561439001"" target=""_blank"" rel="noopener noreferrer">Advisers react to Trump's DOL fiduciary rule decision</a></b>
The claimants alleged the Connecticut investment bank negligently supervised its broker.
The chairman of the House Rules Committee said in a letter that the rule would foist “mountains of paperwork” on financial planners while denying “access to quality investment advice” to millions of investors.
