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Pensions & Investments; April 18, 2016
Nearly six years after the Obama administration introduced an expansion of who is considered an ERISA fiduciary, the final rule was largely well-received in the defined contribution plan universe.
Advocacy groups are mostly in favor of the new standard, released April 6 by the Department of Labor.
PLANADVISER; April 18, 2016
Many advisers feared they would have to make massive changes to their businesses based on the Department of Labor’s (DOL) final fiduciary rule, but it turned out to be a “sigh of relief,” Altston & Bird Attorney Patrick DiCarlo said during a recent webinar, “Final Fiduciary Advice Rule Adopted. What’s Next?”
The final rule includes numerous changes from the version proposed in 2015, including greater flexibility for providing education materials to retirement plan sponsors in a non-fiduciary manner.
InvestmentNews; Apr 18, 2016 @ 5:30 pm
Three Republican senators have banded together to kill the Labor Department's fiduciary rule that requires financial advisers to put their clients' best interests ahead of their own when helping with retirement accounts.
Senators Johnny Isakson of Georgia, Lamar Alexander of Tennessee and Mike Enzi of Wyoming said in a joint statement Monday that they have introduced a resolution to stop implementation of the new regulation released April 6.
Financial Planning; April 15, 2016
Many financial advisors are used to dealing with celebrities, but being cited in public by name by the president is a different category altogether.
Yet for those who work in the independent planning channel, it wasn’t entirely surprising to hear President Obama laud low-cost planning pioneer Sheryl Garrett when he threw his support last year behind efforts to impose a government-mandated fiduciary standard on planners who work with retirement accounts.
MoneyGuidePro updates new version in line with DOL fiduciary rule requirements
InvestmentNews; Apr 18, 2016 @ 8:00 am
MoneyGuidePro, PIEtech's financial planning program for advisers, has released the fourth generation of its software, the company's attempt for its users to be right in line with the Department of Labor's fiduciary rule, which requires all advisers act in their clients' best interest on retirement accounts.