The Labor Department has sent its latest version of the fiduciary rule update to the Office of Management and Budget for a final review.
Once it's approved by the OMB, the updated rule, which aligns with the Securities and Exchange Commission’s Regulation Best Interest, would be released by the Labor Department and published in the Federal Register.
The approval and release of the updated rule may be moot, however, since the timing of its review and publication makes easy nullification possible by the incoming Biden Administration.
“If there’s not a second term of the Trump administration, it’s quite likely that the DOL fiduciary rule, as the Trump administration envisions, is a dead letter,” Brad Campbell, the former head of the Labor Department’s Employee Benefits Security Administration, told participants in a recent webcast conducted by Faegre Drinker, where he is a partner.
Campbell said the update would had to have been filed by last Friday, Nov. 20, to avoid the issue.
To help fund the proposal, the governor and Florida's finance chief are probing municipal finances on a "local government accountability tour" to uncover potential waste.
Edward Jones’ job cuts and overall realignment internally are contributing to higher costs for the company, it said in its recent quarterly report.
Meanwhile, Fifth Third's RIA arm adds a former billion-dollar BNY trio in Boulder, Colorado, while a hybrid RIA opens a new North Carolina location with a former Raymond James-affiliated team.
Analysis highlights swelling out-of-pocket costs and wasted time on paperwork, with an outsized toll on businesses and around crypto transactions.
The appointment to its investment management arm comes roughly a year after the firm first announced plans to launch its own exchange-traded fund platform.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
