Skip to content

DOL Fiduciary News: September 21, 2016

Please Note:

These links will take you directly to the homepage of the website that features the article.

To reach the article directly, copy and paste the article title into the search feature on the homepage of the publication website.

Conflict of Interest Rule met with support, doubt from industry; Tuesday, September 20, 2016 1:36 PM ET

Professionals across the financial advisory space view the Conflict of Interest Rule as correcting unethical practices and benefiting consumers — but that view is far from universal.

Of 124 investment advisers, wealth managers, asset managers, consultants and others in the industry surveyed by S&P Global Market Intelligence, more than half said the Department of Labor's new rule is necessary and will aid consumers saving for retirement.

Several advisers commented that they already adhere to a fiduciary standard when advising clients and that the rule was needed to force others in the industry to do the same.

Department of Labor Conflict of Interest Rule Expected to Boost Advisors' Allocation to ETFs by 65 Percent, According to BNY Mellon

NEW YORK, Sept. 20, 2016 /PRNewswire/ -- Financial advisors are likely to recommend that their clients increase allocations to exchange-traded funds (ETFs) by 65 percent as a result of the recent Department of Labor (DOL) Conflict of Interest Rule, according to a white paper by BNY Mellon, a global leader in investment management and investment services.

The survey results indicated that advisors in the study currently have 23 percent of their assets under management in ETFs, and they plan to boost that allocation to 38 percent over the next two years as assets are transitioned to ETFs from other products. That would increase the percentage of assets allocated to ETFs by 65.2 percent.

Opponents Take On the DOL in a Topeka Court

InsuranceNewsNet; September 20, 2016

Opponents of the controversial Department of Labor fiduciary rule will have another go in court Wednesday in Topeka, Kan.

Judge Daniel Crabtree of the U.S. District Court for the District of Kansas will hear Market Synergy’s request for a preliminary injunction at 9 a.m.

As in two other lawsuits, Market Synergy claims the DOL has no authority to enact the rule. But the company, based in Topeka, is taking a more nuanced stand than the other plaintiffs

IMO President: Here’s How We’ll Sell Under DOL

InsuranceNewsNet; September 20, 2016

Brokers International is all-in on a Department of Labor waiver to allow the marketer to continue selling popular fixed indexed annuities.

The Iowa-based marketing organization has requested the DOL grant it financial institution, or FI, status. The company partners with more than 20 insurance companies to distribute retirement and life insurance products through about 35 independent marketing organizations and 2,500 broker-dealers, registered investment advisors and insurance agents.

Clarity 2 Prosperity to Provide New, Fee-Based Fixed Indexed Annuity Product to Investment Advisory Channel

CLEVELAND, Sept. 20, 2016 /PRNewswire/ -- Sister companies, Clarity 2 Prosperity (C2P), the coaching and insurance division, and Prosperity Capital Advisors (PCA), an SEC Registered Investment Adviser, announce the distribution of a new fee-based fixed indexed annuity with optional guaranteed income rider is now available through its organization. The innovative product, the Index Protector 7 fixed indexed annuity, meets the fee structuring requirements for fee-only or fee-based investment advisors, broker-dealers and RIAs, and will allow for adherence to the new compensation standards set forth by the Department of Labor's Fiduciary Rule.

Did you accomplish the goal of your visit to our site?

Yes No