DOL sets date to propose new fiduciary rule

DOL sets date to propose new fiduciary rule
The regulation, expected in December, likely will be contoured to the SEC's new advice standards.
MAY 23, 2019

The Department of Labor will propose a new fiduciary rule in December, the opening salvo in what will likely prove to be another contentious battle to overhaul investment advice standards in retirement accounts. Labor Secretary Alexander Acosta had previously indicated the agency would revive the fiduciary rule, an Obama-era measure that was overturned in court last year, but hadn't supplied a time line. The DOL solidified its December goal in its spring regulatory agenda. Mr. Acosta said the DOL is working with the Securities and Exchange Commission as the SEC completes its advice reform package. The new DOL rule likely would be contoured to the SEC's final regulations, which are expected to be released by this summer. The DOL has proposed a fiduciary rule twice in the past — the first time in 2010, before ultimately being withdrawn for revisions, and then again in 2015. The rule went into partial effect in June 2017, but was ultimately defeated by opponents in the Fifth U.S. Circuit Court of Appeals.

Latest News

RIA M&A market remains red hot, says Dynasty Financial CEO
RIA M&A market remains red hot, says Dynasty Financial CEO

Dynasty Financial Partners CEO Shirl Penney explains why now is a good time to sell a wealth management practice.

Hybrid RIA Wealth Consulting Group appoints Talley Léger as chief market strategist
Hybrid RIA Wealth Consulting Group appoints Talley Léger as chief market strategist

The 25-year veteran of the industry brings his experience from Raymond James, Invesco and Barclays to the Las Vegas, Nevada-based firm.

No stopping the ‘Butcher of Park Avenue’
No stopping the ‘Butcher of Park Avenue’

Getting down with Josh Brown – CEO and blog superstar talks about new book and the state of the RIA business.

New Jersey pulls license of ex-LPL broker
New Jersey pulls license of ex-LPL broker

“The numbers are wrong," says broker, who made $1.5 million after guiding clients to invest in friend’s firm, according to the Bureau of Securities.

Bank of America taps BNY Wealth leader for Pittsburgh expansion
Bank of America taps BNY Wealth leader for Pittsburgh expansion

The financial industry veteran, supported by a team of wealth advisors, will drive the firm's private banking expansion in Pennsylvania

SPONSORED Destiny Wealth Partners: RIA Team of the Year shares keys to success

Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.

SPONSORED Explore four opportunities to elevate advisor-client relationships

Morningstar’s Joe Agostinelli highlights strategies for advisors to deepen client engagement and drive success