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DOL Fiduciary News: January 13, 2017

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Why Fiduciary Advisors Will Profit without a Fiduciary Rule

Institutional Investor; January 11, 2017

Talk about a silver lining.  If or when the U.S. Department of Labor's new fiduciary rule gets smothered in it cradle by the incoming Trump administration -- as many expect it will be -- responsible financial advisors may still end up on top.

So says Bob Veres, a leading proponent of fee-only financial advice for the past 30 years.  Veres, whose website provides educational and other resources to fellow financial-planning professionals, believes somewhat counterintuitively that killing the April 2016 DOL rule that makes financial advisors fiduciaries – that is, providing advice that's in the client's best interest – will give fiduciary advisors a competitive and marketing advantage.

SEC Blesses Negotiable Mutual-Fund Fees

The Wall Street Journal; Jan 11, 2017 6:01 pm ET

Ever since 1940, mutual-fund commissions have been non-negotiable. That could soon change.

Capital Group Cos. of Los Angeles, which runs $1.4 trillion largely in mutual funds, got approval from the Securities and Exchange Commission on Wednesday ( for a novel way of selling funds that it calls “Clean Shares.” The structure would get fund companies out of the business of setting commissions and fees. Instead, brokerage firms would set their own charges.

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