DOL Fiduciary News: January 11, 2017
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With DOL fiduciary looming, Advisor Group reduces fees on its brokerage and advisory platform
InvestmentNews; Jan 10, 2017 @ 11:52 am
With the Department of Labor's new fiduciary rule for retirement accounts looming, the Advisor Group said on Tuesday it has made broad changes to its investment platform for its 5,000 advisers.
The firm, which has four broker-dealers in its network, said it will continue to support advisers who charge a commission to work with clients' retirement assets.
The changes outlined by the Advisor Group include simplifying and reducing fees on its advisory and brokerage platform; introducing a new advisory product that gives clients access to institutional money managers with minimums as low as $5,500 with no IRA custodial fee; and a mutual fund only, no transaction fee platform for commission accounts that eliminates IRA custody and transaction fees with a select group of mutual funds.