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DOL Fiduciary News: April 18, 2016

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Regulatory changes abroad hint at the DOL fiduciary rule's potential impact 

InvestmentNews; Apr 17, 2016 @ 12:01 am

As the advice business digests the Labor Department's new adviser fiduciary requirements for retirement accounts, it's too early to know whether the rule's advocates or its critics will be vindicated.

Long-time proponents say the new standards will produce higher quality, less conflicted advice for American workers' retirement nest eggs, while those who criticized the change foresee less availability of advice and fewer advisers, largely as a result of more expensive and cumbersome compliance.

An original critic, Finra's Ketchum praises improvements in final DOL fiduciary rule 

InvestmentNews; Apr 15, 2016 @ 1:12 pm

Finra chairman and chief executive Richard G. Ketchum, one of the sharpest critics of the proposed Labor Department rule to raise investment advice standards for retirement accounts, said Friday the final version is a big improvement.

Mr. Ketchum praised the DOL for “making some very significant changes” to the measure that will make it operate better. He highlighted modifications in the way the rule treats existing clients, clarifications regarding variable compensation for brokers and third-party payments, and the elimination of the list of allowable investments.

An Overview of the Fiduciary Rule 

Fri, Apr 15, 2016; Retirement Income Journal;

By Fred Reish, ERISA attorney at Drinker Biddle & Reath

The DOL’s fiduciary rule has been published in the Federal Register. Based on our review of the regulation and conversations with our clients, here are some overview thoughts about the regulation and the two “distribution” exemptions (84-24 and BICE).

DOL fiduciary rule: Great for lawyers, but what about advisors?; April 17, 2016

NASHVILLE – As he opened the NAPA 401(k) Summit Sunday afternoon, NAPA executive director and American Retirement Association CEO Brian Graff started with a then-and-now comparison: “At the first 401(k) Summit, I said ‘Now we have to recognize that the 401(k) is America’s retirement plan.’”

Now, at the 15th annual 401(k) Summit, Graff said, “We have to recognize that the Department of Labor is America’s sheriff.’”

New Trade Group Challenges DOL Rule 

Financial Advisor; April 15, 2016

While other trade groups responded with muted criticism last week to the Department of Labor’s final fiduciary rule, the newly formed Equity Dealers of America came out with guns blazing, calling for Congress to review the rule and for the industry to consider a legal challenge.

The EDA, which represents mid-market firms, was created in February alongside a related umbrella group, the American Securities Association (ASA). The ASA incorporates the EDA into an older sister organization, the Bond Dealers of America (BDA). Wrap them all up, and you’ve got a new, beefed-up organization for regional firms. At least that’s the idea.

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