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BenefitsPro.com; Aug 01, 2016
During a comprehensive presentation on the Department of Labor’s fiduciary rule, attorney Marcia Wagner called the regulation “the most significant and groundbreaking rulemaking to ever emerge” from the DOL.
The advisors and stakeholders endeavoring to adapt to the massive rule are likely in agreement with Wagner, founder of Boston-based The Wagner Law Group, a firm specializing in consulting and litigating matters under the Employee Retirement Income Security Act.
During an hour-long webinar hosted by the Retirement Income Industry Association, Wagner interpreted the roughly 1,000-page edict in clean bullet points, accompanied by her elaboration of the rule’s impact on industry.
Best's News Service via Bestwire - August 01, 2016 04:06 PM
DES MOINES, Iowa - The U.S. Department of Labor’s fiduciary rule update is expected to cost Principal Financial Group Inc. an additional $1 million a month over the next 18 to 24 months, the company’s chief executive officer estimated.
Once the rule is fully implemented, the annual operational cost associated with it is expected to be in the $5 million to $10 million range, Dan Houston, chairman, president and chief executive officer, said during a conference call about second-quarter earnings.
Wealth Management; Jul 28, 2016
The fee-based advisor, discount brokerage and online advice channels will grow their market share over the next few years, says a research report by Tiburon Strategic Advisors.
“Everyone wants to be a fee-based advisor, and the DOL ruling will push [the industry] more that way,” said Chip Roame, managing partner at Tiburon, in a conference call about Tiburon’s research.
While all other advisor channels saw their ranks dwindle from 2008 to 2014, the number of dually registered and fee-based advisors increased during that period.
LPL posts 13% drop in commission revenue in second quarter as DOL fiduciary rule takes its toll
InvestmentNews, Jul 28, 2016 @ 6:40 pm
LPL Financial Holdings Inc. reported a drop in commission revenue during the second quarter as it continues to adapt to heightened regulatory scrutiny of fees.
Commission revenue fell 13% to $446 million in the second quarter from the same period last year, with the biggest drops seen in alternative investments, variable annuities and mutual funds, according to an earnings statement Thursday. Revenue plunged 72% for alternative investments, primarily nontraded real estate investment trusts, while tumbling 15% for variable annuities and 14% for mutual funds.