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DOL Fiduciary News: September 14, 2016

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BlackRock prez urges distributors to comply with new DOL rule

SNL.com; Tuesday, September 13, 2016 4:04 PM ET

Months after the U.S. Department of Labor approved its new fiduciary rule aimed at providing investors with better safeguards when receiving advice, BlackRock Inc. President Robert Kapito indicated that the company will work closely with regulators to ensure stronger transparency in the asset management industry.

Speaking at the Barclays 2016 Global Financial Services Conference in New York, Kapito urged distributors to operate within the framework of the new regulations to avoid conflicts of interest when receiving payments from retail retirement investors.
(http://www.snl.com)

Post-fiduciary forecast: Less adviser freedom, more cookie cutter portfolios 

Financial Planning; September 12 2016, 4:06pm EDT

In a post-fiduciary world, cookie cutter portfolios and passive investing vehicles are bound to become wealth management favorites. High fees and adviser managed portfolios are likely to fall from favor, according to a new report from research firm Cerulli Associates.

"Firms are looking to decrease the number of firm relationships and products available because the more product variation, the greater the compliance risk to the firm," Onkita Ganguly, associate analyst at Cerulli, said in a statement.
(http://www.financial-planning.com)

ETFs Will Be in DOL’s Crosshairs

ThinkAdvisor; September 12, 2016

Exchange-traded funds will be among the products the Department of Labor zeroes in on to make sure they can pass fiduciary muster.

While ETFs aren’t likely “the primary [or] the most obvious place for the Department of Labor and regulators to scrutinize” under the new DOL fiduciary rule, “ETFs are an evolving financial innovation,” as the recent Morningstar ETF Conference in Chicago highlighted, Michael Wong, a senior equity analyst at Morningstar, told ThinkAdvisor.

“Actively managed ETFs, strategic beta ETFs and a proliferation of thematic ETFs mean that there’s potential for bad apples worth investigating,” Wong said.
(http://www.thinkadvisor.com)

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