Skip to content

DOL Fiduciary News: June 7, 2017

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.

Ameriprise slashes number of funds available to advisers ahead of DOL fiduciary rule

InvestmentNews; June 6, 2017 @ 5:13 pm

Ameriprise Financial Services Inc. is the latest major brokerage firm to slash the number of investment products its brokers can sell as the industry counts down to Friday, when the Department of Labor's fiduciary rule takes effect.

On Monday, Ameriprise sent a list to its advisers of the more than 1,500 funds that it is cutting. The firm has more than 2,000 different funds available for advisers to recommend or sell to clients. (

Why You Still Can’t Trust Your Financial Adviser

Bloomberg; June 7, 2017, 3:00 AM EDT

Your new financial adviser has a well-decorated office, a firm handshake, and a bright smile. After an hour-long meeting, you leave with what you think is a state-of-the-art investment portfolio. You feel financially secure, taken care of.

It’s also possible you’ve made a huge mistake. The White House under President Barack Obama estimated that Americans lose $17 billion a year to conflicts of interest among financial advisers. Wall Street lobbying groups dispute that math—and they’re right to do so. The actual dollar amount is probably much higher. (

How the Fiduciary Rule Will Squeeze Your Shelf

ThinkAdvisor; June 6, 2017

By Gerry Murtagh, and Ben Yahr, EY

The U.S. Department of Labor’s fiduciary rule will become applicable this month, and it will have major effects on financial services delivered to the retirement market.

The DOL rule expands the applicability of the existing fiduciary standard for recommending products to retail individual retirement account customers, which means advisors must always act in the best interest of their customers, as defined by the DOL rule.

As a result, distributors are planning to change products and business processes to eliminate conflicts of interest, implement a best-interest sales process and efficiently achieve compliance. (

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

Yes No