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Anticipating delay to DOL fiduciary rule, broker-dealers and RIAs change course
InvestmentNews; Aug 16, 2017 @ 1:10 pm
Broker-dealers and registered investment advisers are pivoting in the wake of news that the Department of Labor is likely to get a lengthy delay in the implementation date of its fiduciary rule.
While strategies and mechanisms put in place thus far will largely remain intact, according to analysts and executives, firms are gearing up to halt ones that had been deferred or haven't yet materialized.
"They now get to push [compliance] off into the horizon, and the horizon is kind of beyond vision," said Daniel Bernstein, chief compliance counsel at the consulting firm MarketCounsel.
…"Our initial reaction is, everything we were planning on doing in January, we will review all of those things and see if we want to continue to do them in January or just put them off," said one brokerage executive, who requested anonymity due to his firm's policy regarding speaking publicly about the regulation. "I think in most cases we'll put them off."