DOL Fiduciary News: April 5, 2016
Please Note:
These links will take you directly to the homepage of the website that features the article.
To reach the article directly, copy and paste the article title into the search feature on the homepage of the publication website.
OMB Finishes DOL Fiduciary Rule Review
ThinkAdvisor; April 4, 2016
The Office of Management and Budget said Sunday that it has completed its review of the Department of Labor’s rule to amend the definition of fiduciary for retirement advice.
OMB’s Office of Information and Regulatory Affairs noted completion of DOL’s conflict of interest rule review on its website, (http://www.reginfo.gov/public/do/eoDetails?rrid=125915)
(http://www.thinkadvisor.com)
Some Industry Gain, as Well as Pain, From Fiduciary Rule
The Wall Street Journal; April 5, 2016 6:35 a.m. ET
The financial industry has mounted a fierce campaign against the government’s new rule imposing stricter standards on retirement advisers, saying burdensome requirements will crimp the sector.
But the rule, expected Wednesday, is likely to benefit a large number of financial firms as well. Many are gearing up to profit from the changes, just as potential losers look for ways to limit the pain.
(http://online.wsj.com)
Merrill, Other Brokerages Prepare for Fiduciary Rule
The Wall Street Journal; April 4, 2016 12:31 p.m. ET
With the Labor Department’s new rule on retirement-account advice just days away, some brokerages are preparing to adjust their operations and communicate changes to clients.
Merrill Lynch’s more than 14,000 brokers have been provided details on the individual retirement accounts they manage in recent months, people with knowledge of the situation said.
(http://online.wsj.com)
FSI VP: Eight-Month Window Too Narrow for DOL Fiduciary Rule Implementation
Best's News Service via Bestwire -- April 04, 2016 01:52 PM
WASHINGTON -- With the release of a new conflict-of-interest fiduciary rule imminent, industry experts worry the rule’s anticipated eight-month phase-in period will be too short for most firms to adequately update their products and ramp up employee training.
(http://www.ambest.com)
5 Things to Watch on the Retirement-Advice Rule
The Wall Street Journal; April 4, 2016 5:42 p.m. ET
The Labor Department is set to announce a new rule Wednesday that could transform the way Americans save for retirement. It will also have a significant impact on how brokers and financial advisers work with customers in individual-retirement-account and 401(k) retirement programs, with combined assets of $14 trillion.
(http://online.wsj.com)