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Donald Trump’s Labor Pick Spells Potential Trouble for Retirement Rule
The Wall Street Journal; Dec. 8, 2016 7:21 p.m. ET
WASHINGTON—The choice of Andy Puzder, a fast-food-chain executive with strong antiregulation views, for labor secretary has fueled expectations among financial-industry experts that the Labor Department’s new retirement-savings rule faces delays or even a rollback.
While Republican lawmakers have renewed their pledge to block the rule in recent weeks, President-elect Donald Trump’s stance is unknown. And like Mr. Trump, Mr. Puzder—now chief executive of CKE Restaurants Holdings Inc., the parent company of Carl’s Jr. and Hardee’s—hasn’t publicly discussed his views on the so-called fiduciary rule, or on retirement savings in general. Mr. Puzder declined to comment for this article through a representative of CKE
Investment Company Institute says DOL rule is already depriving investors of financial advice
InvestmentNews; Dec 8, 2016 @ 2:03 pm
Investors with small holdings in mutual funds are turning to the funds for investment advice after being abandoned by their brokers in the wake of a recent Labor Department regulation, an official with the major fund trade association said Thursday.
The shareholders are being left without any investment guidance because the funds don't have an advisory relationship with them, David Blass, general counsel of the Investment Company Institute, told the Securities and Exchange Commission Investor Advisory Committee.
“We're already seeing orphaned accounts come to the funds,” Mr. Blass said.
PLANADVISER | December 08, 2016
A recent webcast hosted by accounting and consulting firm Grant Thornton featured Johan Joseph, principal of the financial services practice, and Melissa Dimitri, director of strategy and performance improvement, diving deep into the pending rollout of the Department of Labor (DOL) fiduciary rule.
Both said they have been very involved with client efforts to plan and execute a response to the fiduciary rule, and from their perspective, they see the rulemaking as a direct and natural result of long-term, ongoing changes taking place in the investing landscape.
TD Ameritrade Introduces DOL Fiduciary Rule Resource Center to Educate and Empower Retirement Investors
December 08, 2016 08:30 AM EST
OMAHA, Neb. -- (BUSINESS WIRE) -- TD Ameritrade Holding Corporation today announced the new Department of Labor (DOL) Fiduciary Rule Resource Center (https://www.tdameritrade.com/retirement-planning/dol-fiduciary-rule-resource-center.page) website intended to serve as an objective source of information and education for investors who want to learn more about the fiduciary rule and what it could mean for their retirement planning.
The rule is scheduled to become applicable on April 10, 2017. At that time, financial advisors will be required to recommend what is in the best interest of clients when offering investment advice on 401(k) plan assets (including rollovers), individual retirement accounts (IRAs) and other qualified retirement funds.