DOL Fiduciary News: November 10, 2016
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JPMorgan Chase to drop commissions-paying retirement accounts
Reuters; Wed Nov 9, 2016 | 4:56pm EST
NEW YORK -- As Wall Street's wealth management firms scramble to comply with a new U.S. Department of Labor rule, JPMorgan Chase & Co said on Wednesday it will stop offering commissions-paying retirement accounts.
In doing so, J.P. Morgan will join Bank of America's Merrill Lynch and other firms that recently adopted the approach.
The so-called fiduciary rule, which takes effect in April, is aimed at forcing brokerages to put their clients' interests first by eliminating any conflict of interest created by brokers' commissions.
Donald Trump Victory Casts Clouds Over Fiduciary Rule
The Wall Street Journal; Nov. 9, 2016 4:34 p.m. ET
New retirement rules set to take effect next year are now in jeopardy after Donald Trump’s upset presidential election win, leaving Wall Street unsure on how to proceed with implementation.
Analysts and industry experts wondered Wednesday morning if Mr. Trump, who during his campaign called for a temporary moratorium on all new regulations from federal agencies, would follow through on his pledge to halt or dismantle the Labor Department’s so-called fiduciary rule.
A President Trump likely won’t mess with the fiduciary rule
MarketWatch (column); Nov 9, 2016 8:47 p.m. ET
By Robert Powell
Reports of the death of the Labor Department’s rule to protect retirement investors may be greatly exaggerated.
Yes, President-elect Donald Trump’s campaign strategists have said he will repeal a new federal rule that requires all who provide retirement investment advice to plans such as 401(k)s, plan fiduciaries and IRAs to abide by a “fiduciary” standard — putting their clients’ best interest before their own profits.
But experts say that’s unlikely to happen in the short-term and, maybe, never. The Labor Department’s fiduciary rule goes into effect April 10, 2017 and firms, including the nation’s largest firms in the financial services industry, are already changing the way they’ll do business with their clients who own retirement accounts.