Some attorneys said the text of the final rule was clear in expressing the Frost letter would still be viable under the fiduciary rule. But the DOL likely felt the need to explicitly state this point in the second round of FAQs to eliminate any unintended confusion that arose from the first tranche. “People got concerned and they reiterated it,” said David Levine, principal at Groom Law Group. However, there's still confusion as to if advisers are able to use the Frost letter with respect to an aspect of BICE known as BICE Lite, a more streamlined, less-involved exemption available only to level-fee fiduciaries, Mr. Levine said. “There's a lot of concern you can't use BICE Lite with Frost,” Mr. Levine said. “It's still unclear” if advisers can receive third-party payments and still use that particular exemption, he added. One example in which this situation might arise is if advisers recommend themselves as consultants to a 401(k) plan for a level fee, which would partly be paid with revenue sharing, according to Mr. Levine. He questions, given available guidance, whether this practice, which “happens a lot,” would satisfy the standards of BICE Lite.DOL #FiduciaryRule FAQ Part II Q7 confirms "fee offset" under AO 97-15A is still acceptable to avoid PT. No PT = no need for PTE i.e., BICE
— Jason C. Roberts (@JasonRobertsESQ) January 13, 2017
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.
Eliseo Prisno, a former Merrill advisor, allegedly collected unapproved fees from Filipino clients by secretly accessing their accounts at two separate brokerages.
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.