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DOL Fiduciary News: May 19, 2016

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Morningstar: DOL May Underestimate Fiduciary Rule Impact

Financial Advisor; May 18, 2016

New rules regulating advice to retirement accounts are projected to cost financial firms billions of dollars, and according to a recent analysis, more than the rule makers anticipated.

The Department of Labor estimates that its fiduciary rule will have a $15 billion impact on the financial industry, but a revised report released Wednesday by Chicago-based Morningstar says the agency may understate the rule’s impact.

New project underway at TD Ameritrade to adapt to fiduciary rule; Wednesday, May 18, 2016 6:42 AM ET

A new project in the works to ensure compliance with the Labor Department's Conflict of Interest Final Rule, commonly known as the fiduciary rule, will significantly change TD Ameritrade Holding Corp.'s business model, Executive Vice President and CFO Stephen Boyle said during an industry conference in London.

"We have a project underway to look at [the fiduciary rule] both from a compliance perspective as well as an opportunistic perspective," Boyle said. Although he did not provide additional color on the program, he said more details will be revealed during the company's next earnings conference call.

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