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ThinkAdvisor; June 9, 2016
The Department of Labor’s fiduciary standard rule for advisors who serve up retirement-plan advice is here, all right. And plenty of FAs are bewitched, bothered and bewildered as to what it augers for the financial services industry.
But not Ric Edelman. The candid founder-executive chairman of Edelman Financial Services, one of the nation’s largest RIAs, sees the handwriting on the wall. And from his angle of vision, the message is exquisitely clear. In an interview with ThinkAdvisor, the industry critic shares his views, including a bold-face forecast about what he gauges as the rule’s most alarming aspect, plus a withering critique of the industry lawsuits seeking to vacate the rule.
InvestmentNews; June 12, 2016 @ 4:45 pm
Just before explaining why they filed a lawsuit to kill the DOL fiduciary rule, every industry trade group is careful to assert that they, in fact, support its premise.
Yes, they want to do away with the Labor Department measure that would require financial advisers to act in the best interests of their clients in retirement accounts, but it would be hard for them to win public favor arguing they just don't want to have to put clients first.
Financial Advisor; June 10, 2016
Don’t look for the SEC to follow the Department of Labor’s lead and come up with its own fiduciary rule anytime soon.
Despite reports that the agency plans to issue a fiduciary proposal next spring, that looks unlikely to happen with a new administration and probably a new SEC chair taking over next year, said Skip Schweiss, managing director of advisor advocacy and industry affairs for TD Ameritrade Institutional.
InsuranceNewsNet; June 10, 2016
U.S. Department of Labor regulators earlier this spring hit life and annuity wholesalers with a double whammy.
First, regulators made it harder for retail agents to sell fixed indexed annuity products, the shining star of the fixed annuity world.
Then regulators froze out the wholesalers, sometimes known as insurance or independent marketing organizations (IMOs), or field marketing organizations (FMOs), by excluding them from a list of regulated financial institutions authorized to certify the sale of a financial product under a new fiduciary contract.
Financial Planning; June 10 2016, 2:57pm EDT
ORLANDO, Fla. – As firms and advisers struggle to understand and incorporate the upcoming fiduciary rule regulations, Pershing has become the latest firm to step into the breach by creating tools and services designed to help—and in time, to profit from the confusion.
While some of the products, such as a digital platform designed to aid planners navigate confusing transaction exemptions, have not yet been launched, or even priced, Pershing is counting on demand by firms struggling to incorporate the rule’s demands.