DOL Fiduciary News: July 13, 2016

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Morningstar, American Retirement Association Partner on a New Fiduciary Adviser Standard

Jul 12, 2016

ARLINGTON, VA, and CHICAGO – Morningstar, Inc., a leading provider of independent investment research, and the American Retirement Association (ARA), the nation’s premier advocacy and education association for retirement plan professionals and providers, have announced a partnership to develop a program that sets a new standard in fiduciary education and best practices.

The IRA Fiduciary Adviser education program is designed to prepare advisers for a continuously shifting regulatory environment. "Regulations come, go and change all of the time," noted Brian Graff, CEO of the American Retirement Association. “While there has been an enormous focus on complying with the Labor Department’s new fiduciary regulation, the SEC and FINRA have both already signaled their intent to introduce additional fiduciary regulations. The professional adviser of the future must build his or her practice on proven fiduciary adviser best practices that look beyond today’s requirements and that’s what our IRA Fiduciary Adviser program will provide.”
(http://usaretirement.org/2016/07/12/morningstar-ara-partner/)

U.S. DOJ defends Labor Department’s fiduciary rule in court filing, says injunction would be ‘detrimental’

Legal NewsLine, Jul 12, 2016, 11:50 am

WASHINGTON (Legal Newsline) - The U.S. Department of Justice asked a federal judge in a filing Friday to reject a challenge to the U.S. Department of Labor’s controversial fiduciary rule.

The DOL released its final rule in April. The rule mandates financial professionals who service individual retirement accounts, including IRAs and 401(k) plans, to serve the “best interest” of the savers and disclose conflicts of interest.
(http://legalnewsline.com)