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DOL Fiduciary News: October 19, 2016

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Fiduciary rule causing some advisers to reconsider comp models

Financial Planning; October 18 2016, 1:11pm EDT

ARLINGTON, Va. – Advisers prepare for the worst as they anticipate clarification on the fiduciary rule and its possible impact.

With less than six months before the DoL begins to implement its rule in April, advisers still have questions about how they will sell products as well as market themselves to prospective clients, said Mike Brady, the founder of Michael Brady & Co., in Olmsted Falls, Ohio.

"It just seems counterintuitive to me," Brady said at NAPFA's Fall Conference. He added that his biggest concern is demonstrating to clients that they are better with him before providing, "full financial planning advice."

The DOL rule kicks in. Will independent broker-dealers survive?

InvestmentNews; Oct 17, 2016 @ 11:00 am

When the United Kingdom implemented similar legislation a few years ago, about 40% of advisers simply left the business.

A year ago I wrote about the impacts of the Department of Labor's fiduciary standard being applied to our industry and the immense implications. Now we have two important news events with ripple effects that impact every financial adviser in the U.S.

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