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Thrivent Financial files sixth lawsuit against DOL fiduciary rule
InvestmentNews; Sep 30, 2016 @ 1:25 pm
In the latest legal action against a Labor Department rule to raise advice standards for retirement accounts, an organization that provides financial services to Christians says it would not be able to use its dispute resolution mechanism, which prohibits class actions, if it had to adhere to the DOL rule.
Thrivent Financial for Lutherans filed a claim against the DOL rule Thursday in federal court in Minnesota. It argues that the agency exceeded its authority by allowing advisory clients to file class-action lawsuits as part of its best-interest contract exemption, which advisers must sign if they want to receive compensation that varies for the financial products they sell
A Rule for Everyone [DOL rule]
Best's Review: October 1st, 2016 Issue
Contributed by: Alison Salka, Ph.D
For companies in the financial services industry, regulation is increasingly defining the strategy and structure of the business. The long-term impact of regulation can profoundly change an industry. The short-term impact of regulation is often organizational confusion and anxiety.
As a general rule, most companies entrust regulatory management to a relatively small group of specialists--attorneys, technical experts and public-relations representatives. These people have important, subject-specific knowledge but tend to lack a more holistic view of regulation and long-term strategy.
Attrition fears play into broker-dealers' hesitation to detail new commission schedules under DOL fiduciary rule
InvestmentNews; Sep 30, 2016 @ 10:05 am
One main theme emerged amid discussion about the Labor Department's fiduciary rule at the Insured Retirement Institute's annual conference this week: Broker-dealers are either still determining the annuity commissions that would likely satisfy the rule's “reasonable compensation” requirements, or they've made that determination but have taken a vow of silence.
While it's likely not broker-dealers' primary motivation for keeping mum, fear of adviser attrition plays into their strategy, insurance and brokerage executives said.