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DOL Fiduciary News: August 22, 2016

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Judge to Hear National Association for Fixed Annuities Suit Against DOL Rule

Best's News Service via Bestwire -- August 19, 2016 01:49 PM

WASHINGTON -- A federal judge on Aug. 25 will consider a request urging him to immediately stop implementation of the U.S. Department of Labor’s new fiduciary rule, which critic claim could initiate a cavalcade of arbitrary mandates, upending the retirement advice industry.

“If the rule is allowed to go into effect, jobs will be lost, careers will be altered, firms will close and vast resources will be invested in what will likely prove to be an unnecessary effort to comply with a rule that should not be allowed to stand,” according to the most recent filing of the National Association for Fixed Annuities.

How Are Rollovers Treated Under the DOL Fiduciary Rule? 

ThinkAdvisor (column); August 19, 2016

By Marcia Wagner, The Wagner Law Group

One of the major targets of the new Department of Labor fiduciary rule is rollover services. Advisors can provide invaluable assistance to participants as they consider whether to roll over 401(k) and other qualified plan monies to IRAs once they leave their employer. However, these services are often rendered in the context of cross-selling, and cross-selling practices by their nature create potential conflicts of interest. It is easy to see the potential abuse that can arise when a firm or business exploits the trust, which it has developed with a client through a longstanding relationship, to sell additional products and services at potentially unfavorable terms to the client (

Tools and technologies to implement DOL fiduciary compliance; August 17, 2016 @12.57 pm

The depth and breadth of the new DOL fiduciary rules requires all firms to consider outsourcing aspects of their practices and/or adding new technology. In my last column, I discussed several areas of potential impact of the new DOL rules to registered investment advisers. Although not intended as an all-inclusive list nor one that applies to all RIAs, I broke down the possibly affected advisory tasks into three categories: Pre-investing, Investing and Advice.

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