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DOL Fiduciary News: November 21, 2016

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Trump administration could stymie DOL fiduciary rule by dropping legal defense

InvestmentNews; Nov 18, 2016 @ 1:30 pm

Many of the options for the incoming Trump administration to stop a Labor Department investment advice rule entail significant effort.

Rescinding the regulation would have to be done through another rulemaking process. Legislation to repeal the rule would have to overcome likely opposition from Senate Democrats.

But one approach would require the new administration to do virtually nothing. The Trump administration could undermine the rule simply by dropping its defense of the regulation in several lawsuits that are under way.

Fiduciary rule infringes on advisors' freedom of speech, lawsuit claims; November 18, 2016

In what is considered the most wide-ranging of the lawsuits brought against the U.S. Department of Labor’s fiduciary rule, Judge Barbara Lynn, the chief U.S. district judge for the Northern District of Texas, heard four hours of arguments in front of a standing room-only crowd.

The case, Chamber of Commerce of the United States et al v. U.S. Department of Labor, consolidated three claims challenging the legality of the Labor Department's rule, and includes the Securities Industry and Financial Markets Association, the Financial Services Institute, the Financial Services Roundtable, the Insured Retirement Institute, and Texas Chamber of Commerce affiliates as plaintiffs.

Trump win won't change LPL's pay overhaul, CEO says

Nov 20, 2016, 7:40pm EST; Boston Business Journal

Boston-based LPL Financial will keep the changes it made to the way it pays advisers even if the Trump administration scraps the regulations that prompted the overhaul, CEO Mark Casady said.

The broker-dealer is in the process of putting new limits on the commissions that thousands of its advisers nationwide receive for mutual fund sales. It is also standardizing commissions on variable annuities

VA Changes Coming to a B/D Near You

InsuranceNewsNet; November 18, 2016

A new rule raising investment advice standards will usher in an era of consolidation on product shelves as broker/dealers solidify ties with some mutual funds and variable annuity insurers while letting other relationships wither.

But where does that leave registered representatives, agents and financial advisors on the front-lines of the distribution chain?

Hints about what advisors can expect from variable annuities that survive on broker/dealer shelves in the wake of the Department of Labor’s new fiduciary rule are visible on the horizon, if you know where to look

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