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Direct Fund Business Squeezed in Wake of DOL Rule
Financial Advisor; July 18, 2017
As brokerage firms work toward implementation of the DOL rule, the old-style direct mutual fund business is shrinking fast.
As one indication of that trend, officials at Pershing LLC last month revealed that the movement of assets held directly at fund companies has accelerated this year.
“Year to date, we’ve had 450,000 [directly held] positions move over from what was direct check-and-app business to a brokerage account,” said Mitch Bell, a Pershing director during the firm’s annual conference in June.
Bank of America's Moynihan: No quick pullback from fiduciary rule
InvestmentNews; July 18, 2017 @ 1:56 pm
Bank of America Corp's chairman and CEO, Brian Moynihan, does not see a quick pullback from the Department of Labor's fiduciary rule.
The bank's global wealth and investment management group, which contains Merrill Lynch Wealth Management, last year said it was eliminating commissions from advised brokerage IRAs, sending a shock through the investment advice industry. The goal of the rule is to eliminate potential conflicts brokers face when recommending one product to clients rather than another.
The November election of Donald J. Trump was widely seen as an opening for the repeal of the fiduciary rule, along with a number of provisions from the 2010 Dodd-Frank Act.