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DOL Fiduciary News: June 8, 2016

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Advisors Wrestle with BIC and the DOL Rule 

Financial Advisor; June 7, 2016

The recent fiduciary regulations from the U.S. Department of Labor is something that’s near—but not dear—to the hearts of broker-dealers and their financial advisors. Folks in the industry are still sifting through the rules and figuring out how to navigate this brave new world, so it’s no surprise there was a full house during a panel discussion on the topic on Tuesday at Pershing LLC’s INSITE 2016 conference in Orlando.

“This is the single largest regulatory impact ever in our industry,” said Mike Partnow, a director at Pershing, the wealth management industry custodian and subsidiary of BNY Mellon. “This is a game changer, where 50 percent of your business on average will be impacted.”

(http://www.fa-mag.com)

'I'm done': U.S. wealth managers may call it quits over regulatory load

Reuters; Tue June 7, 2016 9:38pm EDT

Some U.S. financial advisers are so fed up with regulatory red tape, they may opt for early retirement, the head of Boston Consulting Group's wealth management group said Tuesday.

"We expect to see a lot of advisers say, 'I'm done,' – just retire instead of dealing with the additional regulatory pressure," Brent Beardsley, global leader of Boston Consulting Group's asset and wealth management division, said at an event to promote a report on the state of the industry (https://www.bcgperspectives.com/content/articles/financial-institutions-consumer-insight-global-wealth-2016/).
(http://www.reuters.com)

Prepare Force Fields Against DOL Lawsuits, Lawyers Say

InsuranceNewsNet; June 7, 2016

WASHINGTON, D.C. -- Lawsuits will be inevitable under the Department of Labor's new fiduciary rule but the insurance and securities industries will be able to set the stage to withstand them, according to panelists at the Insured Retirement Institute's Government, Legal and Regulatory Conference on Monday.

The DOL rule places new regulatory burdens on the sale of annuities and investment products within qualified retirement plans and IRAs. It adds hefty disclosures and commits the advisor to a "best interest" standard of care. It also opens the door for lawsuits from dissatisfied clients.
(http://insurancenewsnet.com)

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