DOL Fiduciary News: November 28, 2016
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Here’s what you’ll see if the investor protection rule is repealed
CNBC.com; November 23, 2016
It remains to be seen whether a major investor protection known as the "fiduciary rule" will survive under President-elect Donald Trump.
Nonetheless, you'll likely see some industry practices change around your IRA and 401(k) in the new year. While Trump has not directly addressed the regulation, a rule from the U.S. Department of Labor that would require financial advisors to provide advice in your best interest, his surrogates have.
How the ‘Fiduciary’ Rule Could Live On
The Wall Street Journal; Nov. 23, 2016 8:07 a.m. ET
A landmark retirement-savings rule is widely expected to be watered down or repealed as Republicans look to roll back a series of Obama-era regulations. But the principles of the so-called fiduciary rule could survive as the de facto industry standard given the efforts financial firms have already made to adjust to it.
The rule, which holds brokers and others who give retirement advice to a fiduciary standard requiring they act in savers’ best interests, was approved by the Labor Department this past spring and is due to take effect April 10. It stands to affect about $3 trillion of retirement assets in the U.S., according to research firm Morningstar Inc.
Wall Street lawyers say retiree investment rule violates free speech
Reuters; Tue Nov 22, 2016 | 7:43pm EST
NEW YORK -- A group of lawyers representing insurance and securities brokerages have made a curious argument for why a federal court should kill a rule aimed at protecting retirement savers: It restricts Wall Street's First Amendment rights.
In front of a packed federal courtroom in Dallas last week, plaintiffs attorneys fighting the Labor Department's fiduciary rule said it hinders free speech because it restricts what individuals selling retirement products will be able to say.