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DOL Fiduciary News: July 7, 2017

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DOL Rule Could Boost Role of Home Office Portfolios

Financial Advisor; July 2017 print issue

The U.S. Department of Labor’s fiduciary rule is finally here … sort of. The rule stipulates that broker-dealers and dually registered advisors who oversee retirement plan accounts must put the best interests of their clients first, and, yes, it officially went into effect on June 9. Yet the rule continues to be scrutinized by Republicans in Congress, so it’s not exactly home free yet.

Nonetheless, years of haggling over the rule has brought a sea change within the brokerage industry as many brokerages and advisors have taken steps to comply with the spirit of the rule, and it’s likely there’s no turning back to the good ol’ days, regardless of the ultimate fate of the rule.

Managed account sponsors are also feeling pressure from the DOL rule. According to the financial services research firm Cerulli Associates, more than 40% of sponsors say they plan to conform with the rule regardless of whether it’s fully implemented. 

New fiduciary rule comment deadlines set; July 6, 2017

The Labor Department’s request for information in support of its analysis of the fiduciary rule has been published in the Federal Register.

This means stakeholders have until July 21 to comment on delaying the January 1, 2018 implementation date of the full rule, and until August 7 to submit comments on proposed revisions to the rule. 


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