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DOL Fiduciary News: May 27, 2016

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How LPL is implementing the fiduciary rule

Financial Planning; May 25 2016, 4:53pm EDT

LPL Financial President Dan Arnold may have other worries, but the new fiduciary rule isn't keeping him up at night.

"We believe the impact from the rule will be very manageable for our business," Arnold said at a New York session with LPL investors and stock market analysts who cover the nation's largest independent broker-dealer.
(http://www.financial-planning.com)

ETF boon under DOL fiduciary rule won't be universal

InvestmentNews; May 25, 2016 @ 9:44 am

Exchange-traded funds will likely benefit in a big way from the Labor Department's fiduciary rule, but not all ETF products will reap the rewards.

The fiduciary regulation, which raises investment advice standards for retirement accounts, will likely lead advisers to steer clear of recommending more exotic types of ETFs unless advisers have a strong case for doing so with particular clients, according to participants Tuesday on an InvestmentNews webcast.

“ETFs are absolutely going to be a big winner here,” Dave Nadig, director of ETFs at FactSet Research Systems, said during the presentation, titled “How the DOL fiduciary rule could reshape the ETF game.”
(http://www.investmentnews.com)

Marcia Wagner Explains the DOL Rule 

Retirement Income Journal; Thu, May 26, 2016

Now hiring: BICE Officer. Requirements: Command of the Best Interest Contract Exemption provision of the Department of Labor’s Conflict-of-Interest Rule, and its effect on broker-dealer and registered investment advisor compensation schemes. Starting date: ASAP. Salary potential: Unlimited.

That’s a purely hypothetical job posting, but according to Boston-based ERISA attorney Marcia Wagner, it may not be hypothetical for long. “’BIC officers’ are going to become a cottage industry unto themselves. You heard it here first, folks,” she said during a webinar yesterday.
(http://retirementincomejournal.com)

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