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DOL Fiduciary News: February 14, 2017

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Robo-advisers shrug off U.S. fiduciary rule hubbub

Reuters; Tue Feb 14, 2017 | 1:13am EST

NEW YORK -- As century-old Wall Street brokerages have agonized over the fate of a major U.S. regulation on retirement advice, younger Silicon Valley counterparts have coolly shrugged their shoulders.

At issue is when and how the federal government will implement the so-called "fiduciary rule" handed down by the U.S. Labor Department last year.

...In interviews since Trump instructed the Labor Department to review the rule earlier this month, executives at "robo-advisers," which manage investor money with algorithms, brushed off the impact of the rule on their business.

Sen. Elizabeth Warren presses Andrew Puzder on DOL fiduciary rule

InvestmentNews; Feb 13, 2017 @ 1:21 pm

Sen. Elizabeth Warren, D-Mass., is pressing Andrew Puzder, President Donald J. Trump's nominee for labor secretary, on what he intends to proceed in reassessing a major investment-advice rule.

In a 28-page letter to Mr. Puzder on Monday, Ms. Warren included several questions about the DOL rule, which would require financial advisers to act in the best interests of their clients in retirement accounts.

Personal Capital CEO’s Mission to Save Fiduciary Rule, Dodd-Frank

ThinkAdvisor; February 13, 2017

Bill Harris, the co-founder and CEO of Personal Capital, a digital wealth management company, is on a personal mission to save the fiduciary rule developed by the Obama administration’s Labor Department and the Dodd-Frank Wall Street Reform and Consumer Protection Act.

“It’s just common sense,” says Harris about the fiduciary rule. “How can you argue that a financial advisor should not advise in the client’s best interest? It’s a topsy turvy world when people make that argument.”

On Friday, the Office of Management and Budget disclosed that the Labor Department had filed a notice ( to delay implementation of the rule, which is set to begin to take effect on April 10. No details were available, including the time frame for the delay, but 180 days has been widely discussed.

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