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DOL Fiduciary News: September 21, 2017

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States’ rescue of fiduciary rule could backfire

Financial Planning; September 20 2017, 1:26pm EDT

For supporters of the fiduciary rule, state regulators’ efforts to craft their own fiduciary standards, in response to the Trump administration’s desire to weaken them, could be a mixed blessing.

“As a financial planner, I would not be excited about the complexity of a patchwork of state regulations,” says Scott Beaudin, a CPA, CFP and chairman of NAPFA. “Ideally, you would have a federal solution.”

Plans by states such as Nevada to increase fiduciary protections may put new pressure on the Trump administration not to tinker too much with the Department of Labor’s fiduciary rule. But should states ultimately act, advisors would face a new layer of “administrative complexity,” Beaudin says.

NAPFA, like the CFP Board and FPA, has supported the Labor Department’s fiduciary rule.

Mesirow Financial Launches Level Compensation Platform

PLANADVISER; | September 20, 2017

Recordkeepers and broker/dealers seeking access to level-compensation solutions for retirement plans will have access to Mesirow Financial Investment Management (MFIM)’s 3(21) and 3(28) Fiduciary Partnership services through the Mid Atlantic Trust Company (MATC)’s FiduciaryXChange platform.

Broker/dealers and advisers also will receive compliance and reporting deliverables including the status of fiduciary coverage for all retirement plans in a book of business.

“Our Fiduciary Partnership services in conjunction with MATC’s level-compensation solution and technology infrastructure allow multiple industry stakeholders the ability to seamlessly offer either 3(21) or 3(38) services without an extensive technology build out,” says Senior Managing Director Michael Annin. “We continue to see an increased demand for scalable fiduciary solutions that are both flexible, and offer compliance features not always found in other services.” 

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