DOL Fiduciary News: October 12, 2016
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DOL: Fiduciary Rule May Lead to Fewer Annuity Recommendations
InsuranceNewsNet; October 11, 2016
The Department of Labor filed a lengthy response Friday to the original lawsuit challenging its controversial fiduciary rule.
Initially filed by the U.S. Chamber of Commerce in Dallas federal court, the lawsuit later was consolidated with two similar challenges. The DOL brief cites 88 lawsuits, along with 11 statutes, seven regulations and 19 different acronyms.
The DOL response requests a summary judgment from Judge Barbara M.G. Lynn.
LPL Financial exploring a sale – sources
Reuters; Tue Oct 11, 2016 | 4:47pm EDT
LPL Financial Holdings Inc., the largest independent broker-dealer and registered investment adviser in the United States, is exploring strategic alternatives, including a potential sale, according to people familiar with the matter.
The move comes as LPL faces an adverse low-interest rate environment and higher costs of regulatory compliance, forcing it to lower commissions on some high-fee investment offerings and invest more in technology infrastructure and personnel.
LPL is working with investment bank Goldman Sachs Group Inc. on a sale process that has attracted other companies and private equity firms, the people said on Tuesday.
Seeking clarity in the DOL’s new fiduciary rule
Employee Benefit News; October 10 2016, 10:19pm EDT
Thanks to the new rules from the Department of Labor, anyone offering retirement advice now has fiduciary responsibilities to the client. This may sound clear and straightforward but the details of how to implement this rule are far from simple, according to Kevin Robertson, senior vice president, director of sales at HSA Bank.
“Bottom line, they have attempted to protect investors and what constitutes investment advice and what type of playbook advisers can utilize,” Robertson said last week at EBN's Benefits Forum & Expo.
Educational Offerings Aim to Prepare Advisors for DOL Rule
Financial Advisor; October 11, 2016
There’s no time like the present to prepare for an approaching regulatory sea change—something advisors should keep in mind as they get ready for implementation of the DOL fiduciary rule.
With fewer than six months remaining before the U.S. Department of Labor begins to enforce its more stringent fiduciary standards for advice within retirement accounts, two advisor support firms—AssetMark and fi360—are revamping their fiduciary education tools to address needs within the industry.
AssetMark in Concord, Calif., has launched the “DOL Countdown to Readiness Campaign,” a web-based effort that includes informational resources, tools and educational webinars for advisors.