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DOL Fiduciary News: October 27, 2017

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DOL Rule a Reason LPL Firms Joining Larger OSJ

Financial Advisor; October 26, 2017

Five advisory teams that make up nVision Wealth Group are joining IHT Wealth Management, in part to gain resources needed to comply with the Department of Labor fiduciary rule, the firms announced recently.

nVision, a regional hybrid RIA group and super office of supervisory jurisdiction, is partnering with IHT Wealth Management, a wealth management firm based in Chicago. Both firms are affiliated with LPL Financial.

“Our industry's new fiduciary era demands that each advisor devote more attention than ever before in thoroughly understanding the unique needs of each client relationship,” nVision said in a statement. “It's incumbent, therefore, on every independent advisor to continuously seek new ways and fresh approaches to deepen each client engagement they have. Viewed through this prism, our decision to affiliate with IHT was a very logical decision, and we're excited about everything we can achieve in partnership with our new Super-OSJ going forward." 

How the fiduciary debate between SEC and DoL is shaking out

Financial Planning; October 26 2017, 2:43pm EDT

WASHINGTON – Is the SEC offering an olive branch to the Department of Labor regarding its handling of the controversial fiduciary rule?

In comments at the fall SIFMA conference, SEC Chairman Jay Clayton emphasized the need to respect the Department of Labor's authority. At least one industry watcher saw the gesture as a peace offering amid tough negotiations.

"They have their process. We have our process," he told Wall Street executives. SIFMA has sued unsuccessfully to block the fiduciary rule.

Clayton's remarks come at an uncertain moment for the future of the regulation. The Labor Department has partially delayed implementing aspects of its regulation while the SEC is in the process of considering its own rule.

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