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.
Firm's CEO is confident SEC can approve without legislation.
The group led by a 37-year industry veteran brings $470 million in assets to the Philadelphia-based broker dealer.
The Atlanta, Georgia-based national wealth firm revealed its new PE partner as prior backers Wealth Partners Capital Group and HGGC's Aspire Holdings exited their investments.
The latest departures in Ohio mark another setback for the hybrid RIA, which is looking to "expanding its presence across all models and segments of the wealth management industry."
The St. Louis-based real estate investment firm gives the asset management giant a valuable access point to the roughly $1 trillion net lease market.
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.
