DOL Fiduciary News: October 5, 2016
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BlackRock cuts ETF prices prior to Labor Dept's fiduciary rule
Reuters; Wed Oct 5, 2016 | 6:44am EDT
BlackRock Inc., the world's biggest asset manager, said it would cut prices across its growing U.S. iShares Core exchange-traded funds (ETFs) to help wealth advisers transition to a new rule governing retirement products (http://www.businesswire.com/news/home/20161004006722/en/BlackRock-Sets-Standard-Core-Investing-Capture-Accelerating).
The rule, announced by the Department of Labor in April and effective next year, sets a so-called fiduciary standard for financial brokers who sell retirement products, requiring them to put clients' best interests ahead of their own bottom line.
The language in the new rule is tougher than an existing rule that only requires brokers to ensure products are "suitable."
Envestnet Introduces New Set of DOL Solutions for Advisors & Enterprises
CHICAGO, Oct. 5, 2016 /PRNewswire/ -- Envestnet, Inc. today introduced technology solutions and consulting services that will assist advisors and enterprises in complying with the Department of Labor's (DOL) Fiduciary Rule.
"Regulatory changes and other market forces are converging to transform the wealth management industry," said James Patrick, Executive Vice President and Head of Advisor Services at Envestnet. "With the new DOL Fiduciary Rule requirements due to go into effect in April 2017, positioning advisors and enterprises to adapt to the changing regulatory environment is a top priority."