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DOL Fiduciary News: April 11, 2016

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New DOL rule will force insurers to adapt; APR 08, 2016

(Washington) -- The Department of Labor’s new market conduct rule will have a long-term impact on insurers and agents in the life insurance business, according to a new report by Standard & Poor’s.

It specifically eyed variable and fixed index annuities, which S&P analysts project is a $190 billion annual business for insurers, because the new rule focuses on business as conducted in the U.S. when it comes to "qualified money" or retirement assets.

How 401(k) plan advisers win under the final DOL fiduciary rule 

InvestmentNews; Apr 7, 2016 @ 2:02 pm

401(k) advisers won significant concessions from the Labor Department in the final draft of its fiduciary rule, ranging from relief on rollovers and education to the easing of restrictions on advisers operating in the small-plan market.

The Department of Labor released its landmark regulation yesterday, which will make fiduciaries of anyone providing investment advice to retirement accounts such as 401(k) plans and individual retirement accounts.

Fiduciary Rule Will Boost Public Trust in Advisors, Says Edward Jones Boss

Financial Planning; April 7, 2016

The fiduciary rule may not be perfect, but it will boost investor trust in wealth management firms, says Jim Weddle, head of Edward Jones.

Weddle, speaking at SIFMA's Private Client Conference in New York, expressed confidence that the industry would not only adapt, but benefit from the new regulatory environment.

Brokerages Need to Tread Carefully in Fee Push 

The Wall Street Journal; April 8, 2016 5:01 p.m. ET

Brokerages will need to proceed carefully in their plans to shift many of their retirement savers to flat-fee investment accounts.

The Obama administration’s new rule requiring brokers to put the interests of retirement savers ahead of their own will block brokerages from converting retirement accounts that charge commissions into those that levy an annual fee if it isn’t in the client’s best interest. That language wasn’t in the Labor Department’s proposal last year. (

RIAs to Feel The ‘Higher Burden’ of Fiduciary

InsuranceNewsNet; April 8, 2016

The Department of Labor’s “Conflict of Interest” rule holding advisors to a fiduciary standard of care has raised the bar on every registered investment advisor (RIA) managing retirement accounts, RIA owners and financial experts say.

Even fee-only advisors that have followed a fiduciary standard for years and who may feel like they are better positioned for the changes will find it more difficult to do business, experts say. But it is also likely to mean a better world for investors.

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