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DOL Fiduciary News: May 4, 2016

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American Financial Co-CEO: ‘Far Better Off Than Most’ Regarding DOL’s Fiduciary Rule

Best's News Service via Bestwire -- May 03, 2016 03:36 PM

CINCINNATI -- American Financial Group “came out far better than many of our competitors” with regards to the U.S. Department of Labor’s recently released fiduciary rule, Co-Chief Executive Officer S. Craig Lindner said during a first-quarter earnings conference call.

“All distribution will be impacted by the rule,” Lindner said. “Obviously it will have the greatest impact on insurance marketing organizations that have life-only agents.” The rule is due to being taking effect next year.

Final DOL Fiduciary Rule Has Key Implications for Asset Managers According to DST kasina

NEW YORK, May 2, 2016 /PRNewswire/ -- DST kasina, LLC a provider of data-driven insights and distribution solutions to financial companies around the world, today released its latest white paper analyzing the implications of the Department of Labor's final Conflict of Interest Rule for asset managers.

The final rule, which was published April 8, 2016, includes key modifications to the proposed rule ensure continued access to advice and reduce the compliance burden. Important changes to the best interest contract exemption (BICE) address asset managers' concerns about recommending proprietary products, working with existing clients, and using variable compensation.

With regulations looming and robos stalking, advisers must prove their worth

InvestmentNews; May 3, 2016 @ 5:00 pm

As a recently finalized Labor Department investment advice rule increases pressure on financial advisers to justify their fees, they can prove their worth by helping clients retire comfortably, according to financial industry officials.

Worries about the DOL rule permeated the InvestmentNews Retirement Income Summit this week in Chicago. But the name of the event also highlighted an opportunity for advisers

Clock Is Ticking on DOL Fiduciary Compliance, Particularly on IRAs and Rollovers 

ThinkAdvisor; May 3, 2016

Advisors shouldn’t dilly-dally in complying with the Department of Labor’s fiduciary rule, which officially kicks in next April 10, prominent fiduciary attorney Fred Reish says, particularly since the rule “dramatically expands” the definition of fiduciary to include, for instance, advice on IRAs and rollovers.  

“I’m not encouraging you to wait,” Reish, a partner in Drinker Biddle & Reath’s employee benefits and executive compensation practice group, said on a recent webcast held by TD Ameritrade Institutional. “I think within the next 30 or maybe 60 days, you’ve got to get started if you haven’t already gotten started on compliance.”

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