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DOL Fiduciary News: March 9, 2017

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Brokers-dealers move to trim fund offerings as they adjust to DOL rule

InvestmentNews; Mar 8, 2017 @ 5:36 pm

The Department of Labor's fiduciary rule has led broker-dealers to take stock of the mutual funds they distribute, and the outlook isn't rosy for small investment providers.

Many broker-dealers have decided to — or are at least considering — trimming the number of fund families available to advisers on their investment platforms as a way to comply with the regulation, which raises investment-advice standards in retirement accounts.

The fund providers on the chopping block will overwhelmingly be the small shops driving the fewest asset flows, in a play to reduce risk and administrative hassle while minimizing the effect on advisers and clients, brokerage executives and industry analysts say.

Speedy Acosta Confirmation Won't Mean Quick Action on DOL Fiduciary Rule

ThinkAdvisor; March 8, 2017

Industry officials anticipate a quick confirmation of R. Alexander Acosta to be the next secretary of Labor after his March 15 confirmation hearing before the Senate Health, Education, Labor and Pensions Committee.

Following next week’s hearing, announced by the HELP committee early Wednesday morning, an executive session will be scheduled for committee members to vote on Acosta’s nomination.

While industry officials see Acosta being confirmed likely within a month, and a delay of Labor’s fiduciary rule from its April 10 compliance date to June 9, they’re skeptical that quick action will be taken by Labor on modifying the rule or doing away with it.

Michael Kitces Tackles DOL's Impact on All Advisors

SCOTTSDALE, Ariz., March 8, 2017 /PRNewswire/ -- On Wednesday, Mar. 15 at 12:00pm CT, Modernist Advisor will host a unique interactive webinar offering practice-shaping strategies, tactics and calls to action in a Post-DOL Fireside Chat with Michael Kitces.

Whether an advisor is seasoned or transitioning into the RIA space, they will gain key insights into how their business risks major disruption this year and how best to respond. Michael will be discussing products, fee revenue and competition that are all changing due to evolving fiduciary standards.

How the American Public Feels About Financial Regulation

ThinkAdvisor; March 8, 2017

President Donald Trump moved quickly to stop the Department of Labor’s implementation of the fiduciary rule, signing an executive order during his second week in office.

The American public, however, isn’t so sure this is a good idea.

Pew Research Center ( reported this week that 49% of Americans in a recent survey said “the government has not gone far enough in regulating financial institutions and markets, leaving the country at risk of another financial crisis”.

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