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DOL Fiduciary News: October 30, 2017

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Treasury Backs DOL Fiduciary Rule Delay

ThinkAdvisor; October 27, 2017

Delaying implementation of the Labor Department’s fiduciary rule pending further evaluation by Labor, the Securities and Exchange Commission and the states will improve the regulatory framework for asset managers and insurers as well as the products and services they offer, the Treasury Department said in a report ( Thursday.

The report, “A Financial System That Creates Economic Opportunities: Asset Management and Insurance,” is the third report issued by Treasury under Executive Order 13772, issued by President Donald Trump on Feb. 3. The order calls on Treasury to conduct an extensive review of existing financial rules, and then identify the laws and regs that are “inconsistent with the Core Principles” for financial regulation.

Indeed, the official 18-month delay of the fiduciary rule by Labor is expected to land at the Office of Management and Budget next week.

...In the 176-page report, Treasury states that it “supports current efforts” at Labor “to re-examine the implications of the revised fiduciary rule and related exemptions adopted by the DOL in April 2016,” adding that a delay “in full implementation of the fiduciary rule is appropriate until the relevant issues are evaluated and addressed to best serve retirement investors.”

Blaming the DOL fiduciary rule, LPL sees recruiting stall for second straight quarter

InvestmentNews; October 26 2017, 5:59 pm

For the second consecutive quarter, recruiting stalled at LPL Financial, typically an industry powerhouse when it comes to hiring new advisers.

In its third-quarter earnings release issued Thursday, parent company LPL Financial Holdings Inc. said it had 14,253 advisers at the end of September. That's essentially flat compared with the previous quarter, when the firm reported a quarterly net loss of close to 100 advisers.

The company said that loss of advisers had been expected and pointed to uncertainty due to the regulatory outlook — more specifically the Department of Labor's fiduciary rule — as the culprit for the recruiting slowdown.

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