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DOL Fiduciary News: June 27, 2016

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Radio show host Ric Edelman rants about raging fiduciary battle

InvestmentNews; June 24, 2016 @ 10:28 am

Seven years after the Treasury Department recommended in a financial reform report that brokers be held to a fiduciary standard, the industry is struggling to come to grips with it.

The Securities and Exchange Commission “should be given new tools to increase fairness for investors by establishing a fiduciary duty for broker-dealers offering investment advice and harmonizing the regulation of investment advisers and broker-dealers,” the Treasury Department said in the report released June 2009.

IMPACT ANALYSIS: DOL fiduciary rule may require multiple paths to compliance

Thomson Reuters; June 27, 2016

What makes the U.S. Department of Labor’s (DOL) “fiduciary rule” so transformational is that unlike most regulations which have a major cost and operational impact, the DOL rule package will also have a material impact on the front office. This impact will include financial adviser compensation and revenue associated with Individual Retirement Accounts (IRAs) and other retirement accounts.

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