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DOL Fiduciary News: April 26, 2017

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Ameriprise CEO pleased with shift away from fee-based share classes; Tuesday, April 25, 2017 11:46 AM ET

Ameriprise Financial Inc. has accepted somewhat lower revenue to comply with the Department of Labor's Conflict of Interest Rule, but Ameriprise's management is pleased with the company's ability to adapt to the changing industry.

Over the past year, regulatory developments have absorbed a considerable amount of Ameriprise's resources and the attention of investment advisers, Chairman and CEO James Cracchiolo said during the company's first-quarter earnings conference call. In preparation for the expected fiduciary rule, Ameriprise detailed plans in late 2016 to transition to advisory shares without 12b-1 fees or distribution fees on certain mutual funds.

"We continue to manage this period of change," Cracchiolo said.

Financial Planning Coalition opposes spending bill riders that would kill DOL fiduciary rule

InvestmentNews; Apr 25, 2017 @ 5:47 pm

The Financial Planning Coalition — a lobbying group comprising the Certified Financial Planner Board of Standards Inc., the Financial Planning Association and the National Association of Personal Financial Advisors — has called on members of the Senate and House of Representatives to oppose any action that will delay or prevent implementation of the Department of Labor's fiduciary rule.

One possible way the rule may be prevented or delayed is through a rider added to the spending legislation now under consideration.

DOL Fiduciary Rule ‘Transition Period’ Will Pose Challenges

PLANSPONSOR.COM | April 25, 2017

The 20th “Inside the Beltway” regulatory update session hosted by Drinker Biddle and Reath in partnership with Natixis Global Asset Management brought together more than 1,000 retirement industry professionals, all of them wondering exactly what is in store for the future of the Department of Labor (DOL) fiduciary rule.

Fred Reish, chair of the Drinker Biddle and Reath financial services ERISA team and chair of the retirement income team, called the attendance “remarkable.”

“It shows just how unclear a lot of this stuff still is,” he noted, “and just how much of a demand for insight there is.

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