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DOL Fiduciary News: February 1, 2018

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Regulatory fights brewing, CEOs issue call to arms

Financial Planning; January 31 2018, 3:19pm EST

GRAPEVINE, Texas -- With the fiduciary rule partially on hold, some industry leaders see a chance to reset the terms of the entire regulatory debate.

"We have a window of opportunity to seize the moment and effect regulatory harmonization," John Rooney, managing principal of Commonwealth Financial Network, told attendees during a panel at FSI's OneVoice conference.

The appeal to action comes amid a rapidly shifting regulatory landscape that has left some industry participants uncertain as to what the industry's future will look like.

The Department of Labor's fiduciary rule is only partially implemented while the agency reviews its regulation with an eye to rescinding it. The SEC is developing its own higher standard. State lawmakers are floating bills to craft their own fiduciary rules. And, those are just some recent regulatory developments.

CEOs of top independent broker-dealers petitioned their counterparts to become more engaged with politicians and regulators.

"If you took the time and effort to come to this conference, you should take the time and effort to invest in the PAC and effect real change," said James Poer, CEO of Kestra Financial, who spoke on the same panel with Rooney.

Poer was referring to the trade group's political action committee, Financial Services Institute PAC, which had about $88,000 on hand as of June 30, 2016, the latest period for which federally reported data was available.

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