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DOL Fiduciary Rule Hitting BDs' IT Budgets, Product Lines
ThinkAdvisor; August 18, 2016
While compliance is proving costly for some firms, industry officials say there's no one-size-fits-all solution to complying with the rule.
While advisors and broker-dealers are realizing there’s no one-size-fits-all solution to complying with the Department of Labor’s impending fiduciary rule, it’s the BDs that are feeling the biggest financial pinch — specifically regarding their IT budgets and purging commission-based products that run afoul of the rule.
“Broker-dealers have to make a lot of very difficult, and in some cases expensive, decisions,” regarding DOL fiduciary rule compliance, Fred Reish, partner in Drinker Biddle & Reath’s employee benefits and executive compensation practice group, told ThinkAdvisor in a recent interview.
The Wall Street Journal; Aug. 18, 2016 6:45 p.m. ET
As brokers lay plans to satisfy new federal rules governing their relationships with retirement savers, one thing is becoming clear: Some clients will see their investment options diminished or face the prospect of higher fees.
Brokerage Edward Jones, anticipating the fiduciary rule that will require brokers to put the interests of retirement savers ahead of their own, said on Wednesday that it would stop offering mutual funds and exchange-traded funds in retirement accounts that charge investors a commission. The move makes the St. Louis firm the first big player to disclose detailed plans on retirement accounts that charge a commission.
LifeHealthPro.com; August 18, 2016
As we look toward 2017 and the implementation of the Department of Labor’s fiduciary standard rule, many questions remain. Though the UK and Australia have been operating under similar rules for several years, there is no clear indication of what such regulatory regime will do to the insurance and retirement advisory industry in the U.S. To gain insight on the issue, we interviewed representatives from all sides of the industry, including: carrier, IMO, independent agent, legal and, of course, NAFA.