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DOL Fiduciary News: April 22, 2016

 

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Fiduciary Rule May Spur New Industry Consolidation

Financial Planning; April 21, 2016

Higher compliance costs associated with the Labor Department's fiduciary rule may kick start a new wave of industry consolidations. (http://www.financial-planning.com)

Advisers Can’t Respond Unilaterally to Final Fiduciary Rule

PLANADVISER; April 20, 2016

Three ERISA experts speaking during a webcast hosted by PLANADVISER and Voya Financial on the Department of Labor’s (DOL’s) final fiduciary rule all warned that retirement plan advisers will have to coordinate responses to the rulemaking closely and carefully—both within their own firms and with service provider partners—especially brokerage and investment platform providers.  (http://www.planadviser.com)

House committee approves resolution to kill DOL fiduciary rule on party-line vote

InvestmentNews; Apr 21, 2016

A House committee Thursday approved along party lines a resolution that would kill the Labor Department's recently finalized rule to raise investment advice standards for retirement accounts.    (http://www.investmentnews.com 

Why The DoL Fiduciary Rule Won’t Kill Annuities, It Will Make Them Stronger!

Kitces; April 21, 2016

Annuity products have long been the domain of annuity agents who earn substantial commissions, while the adoption of annuity products by fiduciary RIAs has been sluggish at best, ostensibly due to some combination of a dislike of available annuity products, and the lack of any commissions to incentivize their use. Yet now with the DoL fiduciary rule, there are new pressures coming that may compress annuity commissions… raising the question of whether annuity products will even survive in the long run without commission compensation to support them. (https://www.kitces.com)

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