DOL Fiduciary News: February 15, 2017
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Industry Group Wants DOL Rule Gone
Barron’s, Feb. 14, 2017 4:01 p.m. ET
The Financial Services Roundtable wants to see the DOL fiduciary rule done away with and replaced with a “less onerous” uniform standard under the SEC, Financial Advisor reports.
The Roundtable’s 84 members include Ameriprise, BlackRock, Edward Jones, LPL Financial, Raymond James and Wells Fargo. The priority is part of the group’s 2017 agenda, released Friday.
The Roundtable also wants broader access to retirement savings “by simplifying regulations that discourage small businesses from offering retirement savings plans to their employees,” Financial Advisor says. The trade group, it adds, didn’t offer specifics.
(http://www.barrons.com)
Elizabeth Warren Attacks Group's Role in Trump Anti-Fiduciary Rule Order
Financial Advisor; February 14, 2017
Liberal Democratic Senator Elizabeth Warren attacked the reported involvement of the Financial Services Roundtable (https://www.warren.senate.gov/?p=press_release&id=1451) in the drafting of a Trump Administration order designed to weaken, abolish and/or delay the Department of Labor’s fiduciary rule.
FSR represents the nation’s largest financial institutions, including Ameriprise Financial, BlackRock, Edward Jones, LPL Financial, Raymond James and Wells Fargo. It was one of the first trade groups to file a lawsuit against the rule.
(http://www.fa-mag.com)
Harold Evensky: How Trump Could Weaken the Fiduciary Standard
ThinkAdvisor; February 14, 2017
President Donald Trump’s directive to review the Labor Department’s fiduciary standard rule won’t halt the industry’s evolution into a sweeping fiduciary landscape, while firms failing to adapt will suffer from a weakened marketing position, Harold Evensky, the “Father of Financial Planning,” told ThinkAdvisor, in an interview.
A vocal proponent of the fiduciary standard for all FAs, Evensky, 74, discussed one major way the new Labor secretary could try to change the rule in light of Trump’s Feb. 3 memorandum directing the agency to assess and, if necessary, revise the rule to conform with his push for relaxed regulation. On Friday, the Labor Department filed to delay the rule's implementation.
(http://www.thinkadvisor.com)