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DOL Fiduciary News: January 10, 2017

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Proposed DOL fiduciary rule exemption could impact IMOs; JAN 09, 2017

The U.S. Department of Labor sent a proposed exemption to the Office of Management and Budget last week related to the classification of IMOs as financial institutions under the department’s fiduciary rule.

Michael Trupo, a spokesman for the Labor Department confirmed the proposed exemption is under review, although the content is not yet finalized. Before it is finalized, the exemption would be subject to a public notice and comment process, Trupo said.

Outlook 2017: Advisers reveal their hopes and fears for the new year

InvestmentNews; Jan 8, 2017 @ 10:15 am

Joshua Mellberg is avoiding long-term contracts with technology providers and others until his advisory firm has judged the financial fallout of the Labor Department's rule on retirement advice, which begins to take effect three months from now.

J.D. Mellberg Financial also cut this year's research-and-development budget and put a freeze on hiring to make sure the hybrid advisory firm is prepared to handle any extra compliance costs or other ill effects of the fiduciary rule, which requires all financial professionals to offer retirement advice in the best interests of clients.

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