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DOL Fiduciary News: August 31, 2016

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Pershing Launches ETFs, Mutual Funds to Help Reps Comply with DOL Fiduciary Rule

ThinkAdvisor; August 29, 2016

Pershing is joining other broker-dealers in launching mutual fund and exchange-traded fund solutions that not only offer a lower minimum balance, but allow registered reps looking to transition to a fee-based advisory model to meet requirements under the Department of Labor’s fiduciary rule. 

Pershing LLC, a BNY Mellon company, said Monday that it has begun offering through its affiliate Lockwood Advisors Inc. the Lockwood WealthStart Portfolios, solutions for emerging and mass affluent investors, along with new solutions provided by third-party providers. Both feature a diverse range of asset allocation strategies and a minimum balance of $10,000.

DALBAR Offers Template to Create BICE Budget; Identifies 13 Impact Areas 

Boston, Aug. 30, 2016 (GLOBE NEWSWIRE) -- Firms have already spent millions in preparation for the April 10, 2017 date of the Best Interest Contract Exemption (BICE) of the DoL’s Fiduciary Rule. Many expect to continue making massive expenditures to implement the litany of changes that BICE adoption requires.

The questions that many have been asking is, “What will it cost in the end” and how do we budget for this.

Dalbar has just completed an analysis to answer these questions. The result is a sample analysis and a worksheet to enable firms to identify the expenditures and revenue losses that are entailed in a BICE implementation. The analysis and worksheet also compares the cost of BICE to the DoL’s other recommended alternatives, the computer model and fee leveling options of ERISA 408(g).

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