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DOL Fiduciary News: April 29, 2016

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Analyst: Insurers ‘Behind’ on DOL Fiduciary Prep 

InsuranceNewNet; April 28, 2016

Insurers are "a little behind the curve" on preparations for the forthcoming Department of Labor fiduciary rules, a leading analyst said today.

Fred Reish, a partner at Drinker Biddle & Reath in Los Angeles, spoke during a webinar today on the fiduciary regulations. The firms dealing with qualified retirement funds – broker-dealers, insurers, RIAs and others – need to get moving if they plan to meet the initial April 2017 deadline, he said.

Labor Department's Conflict of Interest Rule should spark M&A opportunities for Ameriprise, CEO says; Thursday, April 28, 2016 10:33 AM ET

Ameriprise Financial Inc. wants to be a buyer in the wake of the Department of Labor's Conflict of Interest Rule, saying April 28 that it should see new acquisition opportunities as small investment advisers buckle under the weight of the new compliance requirements.

The company during its first-quarter earnings call struck an upbeat tone on the rule, which is commonly known as the fiduciary rule, predicting that any impact on its operations would be more manageable than expected. Ameriprise's annuity products and other offerings should qualify for various exemptions included in the regulations, while the rule's longer implementation timeline should ease pressure on its expenses.

Invesco CEO sees silver lining in DOL fiduciary rule; Thursday, April 28, 2016 11:14 AM ET

Invesco Ltd. President and CEO Martin Flanagan is worried about unintended consequences from the Department of Labor's fiduciary standard regulation, but believes the rule could help restore some lost investor confidence.

Speaking during an earnings conference call, Flanagan said he is concerned the rule could lead to more costs for investors who seek financial advice. However, he noted that the rule's intent is to ensure retirement investors receive enhanced protections, and that could lead to more demand for financial advisory services.

House votes to kill DOL fiduciary rule 

InvestmentNews; Apr 28, 2016 @ 4:16 pm

The House of Representatives approved along party lines Thursday a resolution that would kill a Labor Department investment advice rule.

After an hour of debate, the House voted 234-183 in favor of the measure, which was offered under a law that allows Congress to stop regulations within 60 days of a final rule being released.

Fiduciary enforcement: Kitces details how advisers can avoid legal trouble (part 2)

OnWallStreet; April 28 2016, @5:37 EDT

In order for regulation to have impact, it must be enforced, including having a means for enforcement, so let’s review how the new fiduciary rule and best interest contract exemption requirements will be overseen.

For any fiduciary advice pertaining to ERISA plans, the Labor Department can continue to carry out enforcement as it has in the past; in addition, allegedly harmed participants have the right to sue in court
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