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DOL Fiduciary News: May 3, 2016

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Cease-fire by DOL fiduciary rule opponents may not last long 

InvestmentNews; May 1, 2016 @ 12:01 am

In the three weeks since the Labor Department released the final version of the rule that would toughen investment advice standards for retirement accounts, the financial industry generally has not barked, but that doesn't mean that it won't eventually bite.

Financial firms and the trade organizations that represent them in Washington levied some harsh criticism of the proposed rule over the last year in comment letters, before Congress and at conferences.

One unintended consequence of DOL fiduciary rule

InvestmentNews; May 2, 2016 @ 5:14 pm

While the Labor Department's newly released fiduciary rule has inspired much discussion among industry stakeholders speculating how the regulation will adversely affect the advice business, there's a potential silver lining: a younger industry.

Providing financial advice is predominantly the business of older advisers — among regional brokerages and wirehouses, for example, many top producers are 50 years old or more. As a result, many believe there's a shortage of young advisers in the industry.

The DOL Fiduciary Rule Is Here. What Should Advisors Do Next? 

ThinkAdvisor; April 29, 2016

In a wide-ranging webinar Thursday two senior vice presidents at Envestnet laid out several steps advisors can take to comply with the new Department of Labor fiduciary rule. The presenters, Lincoln Ross and Jim Patrick, noted that the recommendations are part of an ongoing process that will evolve over time as the DOL itself releases more FAQs and other communications about the rule, which runs over 1,000 pages.

Principal Financial: Changes to Agent Comp in the Works 

InsuranceNewsNet; May 2, 2016

Agents and financial advisors affiliated with Principal Financial Group Inc. selling the insurance company’s proprietary products will be seeing changes to their compensation, insurance company executives said last week.

Independent agents selling products and services developed by the Des Moines, Iowa-based insurance and retirement company will also seek changes to the way they are remunerated, company executives said in a conference call.

The Fiduciary Journey: Retirement advice will never be the same 

InvestmentNews; May 1, 2016

As the room filled to capacity on April 6 with celebratory lawmakers and advocates awaiting the Labor Department's final fiduciary rule, the champion of the measure, Phyllis Borzi, stands quietly at the back.

But minutes before the agency unveils its controversial regulation raising investment advice standards for retirement accounts, the scene surrounding the assistant Labor secretary turns into a kind of receiving line at a wedding reception. Ms. Borzi cannot stay inconspicuous among the people who know her central role in reaching this pinnacle hour.

401(k) Rollovers: Still A $12 Trillion Deal? 

401(k) Specialist; May 2, 2016

Once again, the timing is impeccable.

Talk of a 401(k) rollover storm, tsunami, surge (whatever the metaphor) hits fever pitch and the federal government’s solution is to inject more electrically-charged air.

The DOL’s final fiduciary rule adds more confusion and uncertainty to an already confusing and uncertain situation. So how, specifically, will it affect rollovers out of the 401(k) plan?

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