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Fiduciaries must show they can serve Main Street investors to win DOL rule debate
'They’re making x dollars in a brokerage account,' says advisor. 'Just charge the client x but give them fiduciary advice for that x.'
DOL proposal starts where Reg BI stops
Opponents say the DOL’s proposed rule overrides Reg BI by imposing fiduciary duty on brokers working with retirement savers. Backers say the measure fills in Reg BI’s gaps in investor protection.
Provisions to kill DOL fiduciary proposal add to uncertainty
The Department of Labor stopped another financial industry attempt to slow the measure by declining to extend the public comment deadline of Jan. 2.
The insurance industry really doesn’t like the DOL’s proposed rule
Independent agents who sell annuities could be fiduciaries for the first time.
Tribalism threatens the DOL investment advice rule
'The best kind of regulation is when the private sector works with regulators to craft regulation that is efficient, effective, workable and narrowly targeted,' says the architect of the Obama DOL's fiduciary rule.
DOL’s rule would add a lot of fiduciaries into the mix
But even those who already work in a fiduciary capacity will be affected, one lawyer says.
Biden criticizes advisors who prioritize their pay over clients’ returns
'I just want you to know we're watching,' President Biden warns advisors who put their own interests above needs of clients.
DOL takes aim at ‘junk fees’
New proposal wants to rework definition of a fiduciary and 'close loopholes.'
Don’t say ‘fiduciary rule’; DOL terms next attempt a ‘retirement security’ reg
'We are trying to protect retirement savers,' says DOL assistant secretary Lisa Gomez. 'This is a new approach. Stay tuned.'
The DOL’s ESG rule survived in court. Does it matter?
It could take a while for ESG to become more widely available in 401(k)s, even if the political focus on it dies down.
Political clock ticks as Labor readies next version of fiduciary rule
The measure is likely to make a rollover recommendation a fiduciary act. But if the agency doesn't complete the measure soon, it's vulnerable to being overturned by the next Congress and White House.
Next DOL fiduciary proposal under attack prior to release
Even before seeing the text, the insurance industry says the measure to raise advice standard for retirement accounts will hurt middle- and low-income savers.
One step forward, one step back for use of crypto in retirement accounts
'Crypto is on a journey from a niche asset class to a mainstream asset class,' says an advisor.
Political uncertainty steering 401(k)s away from ESG
While about half of plan consultants and advisors recommend sustainability-themed investment options, employers are worried about legislative changes around ESG.
Financial industry, regulators likely to clash over rules slated for second half
The Labor Department's advice rule is likely to lead to controversy over whether a recommendation to roll funds from a 401(k) to an IRA constitutes advice.
DOL has its say in court on ESG challenge
The plaintiffs and defendant recently filed cross motions for summary judgment of the challenge over the Labor Department's recently implemented ESG rule for retirement plans.
First 401(k) lawsuit over ESG targets American Airlines’ $26 billion plan
The case, which is seeking class status, also names Fidelity and Financial Engines as defendants.
3 best practices for avoiding a fiduciary breach
Given the many lawsuits filed against retirement plan sponsors in recent years for breaching their fiduciary duties, here are the steps plan committees should be taking to mitigate risk.
DOL’s apparent U-turn in court hints at new fiduciary rule in works
The American Securities Association says the Labor Department voluntarily dropped its appeal of a Florida court's decision striking down DOL guidance making rollover advice fiduciary.
Prudential collected life insurance premiums, later told claimants they were ineligible
The insurer has settled with the Department of Labor; the policies in question were part of employer-sponsored insurance where workers had opted for supplemental coverage.
