Skip to content

DOL Fiduciary News: December 5, 2016

Please Note:

These links will take you directly to the homepage of the website that features the article.

To reach the article directly, copy and paste the article title into the search feature on the homepage of the publication website.

Why it would be a mistake for advisers to stop implementing the DOL fiduciary rule

InvestmentNews (blog); Dec 1, 2016 @ 5:01 pm

By Marcia S. Wagner, The Wagner Law Group

After Donald Trump's election victory, many are wondering what to expect with respect to the Department of Labor's recently adopted fiduciary rule, which governs investment advice related to retirement plan assets.

It is no secret that Mr. Trump intends to take aim at many existing regulations (although the federal courts seem to be doing some of his work for him, as in the recent decisions with respect to the DOL's persuader rules and overtime regulations).

Senate Democrats control fate of DOL fiduciary rule

InvestmentNews; Dec 2, 2016 @ 1:10 pm

On Capitol Hill, the Senate is sometimes called the place where House bills go to die. The fate of a Labor Department investment advice rule could hinge on whether Senate Democrats intend to make the upper chamber the graveyard for efforts to repeal the regulation.

Unlike the cumbersome regulatory process required to replace the rule or the vagaries of the courts, a legislative move is the quickest, cleanest route to its demise.

But Senate Democrats are likely to hold together well enough to ensure the rule is modified rather than taken off the books.

New Chair, Same As Old Chair In Fiduciary Rule Hatred

Financial Advisor; December 2, 2016

One vehement opponent of the Department of Labor’s fiduciary rule will succeed another as chair of the House unit overseeing the DOL when the new congressional term starts in January.

North Carolina Rep. Virginia Foxx was selected Friday by the House Committee on Education and the Workforce to succeed a fellow GOPer, Minnesota’s John Kline.

Kline has used the committee as a major congressional platform to attack the creation and implementation of the Labor Department’s best interest standard for pension plan advisors and has sponsored legislation unsuccessfully to stop it. Foxx can be expected to continue his fight.

RIAs have been slow to prepare for the DOL fiduciary rule

InvestmentNews; Dec 4, 2016 @ 12:01 am

Registered investment advisers are mesmerized by the Labor Department regulation that is introducing the most sweeping changes to financial advice in a generation — but not enough of them are preparing for it.

“There's going to be a rude awakening when RIAs really dig into this and start to see the additional compliance costs and regulations, as well as the potential liabilities in working with clients ultimately impacted by this rule,” said Duncan Rolph, managing partner at Miracle Mile Advisors.

What Trump Could Do to Your Retirement

Bloomberg; December 2, 2016 — 11:31 AM EST

Millions of Americans struggling to save for retirement, or trying to live off their investments in old age, are hobbled each year by high fees on products recommended by financial advisers. Now, with Donald Trump's election, a bitterly debated regulation that requires advisers to put their clients' interests first could be derailed.

The Department of Labor ruling, set to take effect in April, was pushed by President Barack Obama and resisted by Wall Street for five years before it was established this spring. Trump hasn't specifically referred to the regulation, known as the fiduciary rule, but unwinding what he argues is regulatory red tape was central to his campaign, and his adviser Anthony Scaramucci, founder of SkyBridge Capital, has argued that the rule should be revoked.

Did you accomplish the goal of your visit to our site?

Yes No