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Final Trump memo lacks explicit directive to delay DOL fiduciary rule
InvestmentNews; Feb 3, 2017 @ 5:12 pm
The final version of a memo sent by President Donald Trump on Friday to the Department of Labor directs the agency to review a sweeping investment-advice rule but does not contain an explicit delay of the April 10 implementation date.
A copy of the final version (http://www.investmentnews.com/assets/docs/CI10888323.PDF) obtained by InvestmentNews shows two key parts of a draft memo that was circulating in Washington were excised from the document Mr. Trump signed around 1 p.m. in the White House.
First, the final version does not direct the DOL to delay the rule for six months. Second, it does not tell the agency to consult with the Department of Justice to seek a stay of the litigation surrounding the rule.
Halt of Fiduciary Rule Could Mean More Work for Plan Sponsors
PLANSPONSOR.COM | February 03, 2017
Despite reports that the Department of Labor (DOL) was ordered by President Donald Trump to delay the implementation of the fiduciary rule by six months, the final memo (https://www.whitehouse.gov/the-press-office/2017/02/03/presidential-memorandum-fiduciary-duty-rule) to the agency did not contain such an order.
In the memorandum, Trump says the DOL fiduciary rule may significantly alter the manner in which Americans can receive financial advice, and may not be consistent with the policies of his administration.
The memo directs the DOL to examine the fiduciary rule to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice.
Trump’s Fiduciary Rule Order Seen Unlikely to Stop Fee Shift
Bloomberg; February 3, 2017, 8:20 AM EST
President Donald Trump’s executive order to halt the Department of Labor’s fiduciary rule is unlikely to derail the customer-friendly changes already under way in response to the Obama-era regulation.
“We plan to go forward with the majority of the work we’ve done,” said Bill Morrissey, managing director of business development at LPL Financial Holdings Inc., echoing executives at several investment-management firms. “What investors want is more transparency and lower fees.”
6 in 10 Financial Advisors Support Repeal of the DOL Fiduciary Ruling [Cogent Reports]
February 03, 2017 01:29 PM EST
CAMBRIDGE, Mass. -- (BUSINESS WIRE) -- Six in ten financial advisors (60%) support the repeal of the DOL fiduciary ruling. Advisors employed in the Broker/Dealer channels—particularly the Bank channel (82%)—and commission-based advisors (72%) are most likely to favor repeal. In contrast, RIAs, most of whom already consider themselves fiduciaries, are more likely to oppose repeal (45%) than support it (29%). These and other findings are a preview of the type of insights that will be included in The Future of the Financial Advisor™, a Cogent Reports™ research study scheduled for release in late February by Market Strategies International.
Fiduciary Rule Would Sink Advisors? California Suggests Not
Bloomberg; February 3, 2017, 2:01 PM EST
The finance industry scored a victory on Friday when President Donald Trump suspended an Obama administration rule that would have required investment advisers to put the interest of retirement savers ahead of their own. The winning argument: The so-called fiduciary rule would force many advisers out of business, leading to a shortage.
California’s experience suggests otherwise.
The advisory business is as vibrant in California as it is in the rest of the country, even though advisers there have operated under sweeping fiduciary rules for several decades.