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Best's News Service via Bestwire -- May 11, 2016 11:26 AM
WASHINGTON -- Implementation of the U.S. Labor Department fiduciary rule update will dramatically alter the retirement advice industry, change the investment products advisers provide to clients and shift how advisers are compensated, according to a panel of attorneys and finance executives.
“At the end of the day, this rule will cost everybody a bunch of money, which is ultimately paid for by the end user,” said Bradford Campbell, counsel, Drinker Biddle & Reath LLP. “It will result in fewer of them getting advice. I think this is an exercise that has not been very well carried out.”
InvestmentNews; May 11, 2016 @ 12:24 pm
One of the leading Senate critics of a new Labor Department investment-advice rule anticipates that the chamber will act to kill the regulation.
Sen. Johnny Isakson, R-Ga., said the Senate likely will vote on a resolution of disapproval. He also said that he plans to advance a separate bill he's sponsored that would halt the rule, which would require financial advisers to act in the best interests of their clients in retirement accounts.
Under the Congressional Review Act, lawmakers can stop regulations within 60 legislative days of a final rule being released. The DOL regulation came out on April 6.
InsuranceNewsNet; May 11, 2016
With some insurance companies balking at assuming fiduciary status under the Department of Labor's new fiduciary rule, some independent agents are wondering if they are being hung out to dry.
As a condition of receiving compensation that would otherwise be prohibited, an exemption under the “Conflict of Interest” rule would require financial institutions to acknowledge their fiduciary status and the fiduciary status of their advisors in writing.
How the DOL fiduciary rule could affect financial adviser recruiting
InvestmentNews; May 9, 2016 @ 4:33 pm
As everyone in the industry knows by now, the Department of Labor issued a 1,023 page document in April which defines a new fiduciary standard for broker-dealers who have clients with assets held in retirement accounts. All of the brokerage firms are studying the document and figuring out what they will have to do at both the corporate level and at the adviser level to comply. Definitive communication from the top to the adviser level about what will be expected of the adviser under the new regulation has yet to happen. What will be the new rule's effect on adviser movement and recruiting?