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DOL Fiduciary News: November 11, 2016

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Primerica CEO: 'New uncertainties' surround DOL fiduciary rule; Thursday, November 10, 2016 12:06 PM ET

Primerica Inc. expects to be involved in the rulemaking process should President-elect Donald Trump's administration push for changes to the Department of Labor's Conflict of Interest Rule, commonly known as the fiduciary rule, CEO Glenn Williams said during a Nov. 10 earnings call.

"The presidential election has introduced some new uncertainties regarding the rule," the CEO said. "As with every change in administration, agency rules are subject to review and reconsideration."

Anecdotal Evidence: Trump and the DOL Rule 

Retirement Income Journal (commentary); Thu, Nov 10, 2016

By Kerry Pechter

. . . it’s impossible to predict what might happen in the realm of retirement policy next year. Yesterday, a lot of people wondered about the future of the Department of Labor’s conflict-of-interest rule. Excellent question. I assumed that the newly sworn-in president would reverse all of his predecessor’s major accomplishments, including Obamacare, the Iran nuclear deal and, when he becomes aware of it, the fiduciary rule.

 If that happens, we have at the very least a giant sunk cost. A whole new industry sprang up around the rule since last spring, as dozens of firms spent countless dollars and hours fighting it and then figuring out how to comply with it. Phyllis Borzi and her team [spent] most of the last eight years on either the DOL rule or health care.

Trump administration must overcome obstacles to kill DOL fiduciary rule

InvestmentNews; Nov 10, 2016 @ 1:48 pm

If the Trump administration wants to kill a Labor Department investment advice rule, it will take some hard work.

The new president-elect cannot simply rip up the regulation, which became effective in June and requires financial advisers to act in the best interests of their clients in retirement accounts. Trying to scrap it through the legislative process also can be a heavy lift.

“It's hard to write a regulation, which bothers people who like regulation, and it's hard to get rid of a regulation, which bothers people who don't like regulation,” said Stuart Shapiro, a professor of public policy at Rutgers University.

The Fiduciary Rule: A Compliance Outline

The Wall Street Journal; Nov. 10, 2016 3:04 p.m. ET

Like other existing and pending regulations, the future of the Labor Department’s retirement-savings rule hangs in the balance after the surprise election of Donald Trump as president.

Yet with the so-called fiduciary rule set to take effect in April and the Labor Department proceeding apace with guidance, efforts to comply with the stepped-up regulation have been under way across the adviser world.

For Brokerages, Regulatory Relief Rally Isn’t Their Reality 

The Wall Street Journal; Nov. 11, 2016 5:30 a.m. ET

The Wall Street firms preparing for new retirement rules are moving ahead despite uncertainty surrounding the Trump administration’s plans to roll back federal regulations. Some investors, however, appear to be wagering that the so-called fiduciary rule won’t be as onerous for brokerages and asset managers.

Financial stocks have broadly rallied in the wake of Mr. Trump’s surprise presidential victory and Republicans’ congressional sweep, spurred in part by expectations that regulations will be eased. Some of the brokerage and asset-management firms poised to be hardest hit by the new Labor Department rule on retirement advice surged Wednesday and Thursday after suffering share-price declines for much of the year.

IMOs to Press Ahead with DOL Compliance 

InsuranceNewsNet; November 10, 2016

Several executives with independent marketing organizations (IMOs) say Tuesday's election results are not changing their plans to comply with the Department of Labor’s fiduciary rule.

All systems are still a “go” with regard to applying for “financial institution” status under the fiduciary rule, said Nathan Hightower, general counsel and DOL team leader for the insurance marketer AmeriLife in Clearwater, Fla.

“We’ve read two or three articles about how the fiduciary rule is doomed, I’m not so sure that’s true,” said Hightower.

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