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DOL Fiduciary News: October 27, 2016

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Ameriprise will stick with IRA commissions under DOL fiduciary rule

InvestmentNews; Oct 26, 2016 @ 1:31 pm

In contrast to a couple of its most prominent competitors, Ameriprise Financial Inc. will stick with paying commissions to its brokers and advisers when working with clients' retirement accounts under the new Department of Labor fiduciary rule.

Earlier this week, Commonwealth Financial Network, a leading independent broker-dealer, said it would stop offering commission-based products in individual retirement accounts and qualified retirement plans, making it the latest broker-dealer to move more decidedly toward a fee-based advisory platform to avoid what some see as the more onerous provisions of the Labor Department's fiduciary rule.

Morgan Stanley Sets Off a Fight Over the Cost of Your Retirement Account 

The Wall Street Journal; Oct. 26, 2016 6:20 p.m. ET

Morgan Stanley will let its customers keep paying for retirement advice with commissions, setting up a split in how the brokerage industry interprets new federal regulations governing $3 trillion in assets.

A Labor Department rule taking effect in April requires investment advisers to act in the best interests of their clients when it comes to retirement accounts. But that straightforward directive has complicated implications for how clients pay for services and how brokers are compensated.

Industry’s First “Post DOL Fiduciary” Index Annuity Introduced by Alternative Brokerage and US Annuity Partners

DES MOINES, IOWA (PRWEB) -- OCTOBER 25, 2016 -- Alternative Brokerage and US Annuity Partners are proud to introduce the industry’s First “Post DOL Fiduciary” Index Annuity designed specifically for Broker-Dealers and Banks.

“The SCA-7 is designed to compete as a true “buy and hold strategy” that will directly compete against Indexed & Market-Linked CDs” said Bob Phillips, President of Alternative Brokerage. Unlike the MLCD market, there will be NO phantom income taxation challenges.

“The annuity also comes with a guaranteed 1% annual return,” according to Phillips.

DOL rule will impact all of Franklin's AUM, says CEO; Wednesday, October 26, 2016 2:12 PM ET

Franklin Resources Inc. is inclined to comply with new Department of Labor rules for retirement advice by having all of its investment products sold under the new regulatory standard.

The Labor Department reform is intended to ensure that advisers for retirement savings maintain a fiduciary standard that requires that they offer products that are in customers' best interests.

Franklin Chairman and CEO Gregory Johnson said maintaining two different standards for investment products will probably not be practical. Asked during the company's earnings conference call to discuss what portion of Franklin's assets under management will be affected by the change, Johnson said all of it.

New fiduciary world: Why wirehouses want to 'look like you'

Financial Planning; October 25 2016, 5:56pm EDT

SAN DIEGO -- The law hasn't even taken effect yet, but the dramatic shift in the advisory industry that will be wrought by the fiduciary rule dominated Tuesday's keynote session at the Schwab Impact conference.

"Some of the traditional firms are beginning to look more and more like you," Schwab CEO Walt Bettinger told more than 2,000 independent advisers at the annual event, the industry's biggest.

New book offers advice on how to navigate the post-DOL rule world

InvestmentNews; Oct 26, 2016 @ 1:35 pm

New government rules require that financial advisers put their clients' interests first when recommending what to do with their retirement savings. But no one has defined what good advice actually means or how to accomplish it — until now.

“While the principles-based [Department of Labor] Conflict of Interest rules redefine the financial adviser's role and responsibilities and require an adviser to act in the retirement investor's best interests, the rules do not provide a clear path as to how advisers and their firms must meet those requirements,” said Kevin Knull, president of PieTech Technologies, the creator of Money Guide Pro financial planning software.

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