DOL Fiduciary News: June 6, 2017

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As SEC inches forward on fiduciary, can advisers expect action this time?

Financial Planning; June 02 2017, 1:36pm EDT

The SEC’s tentative steps into the ongoing fight over the fiduciary rule drew industry praise while also raising questions. Chairman Jay Clayton asked for renewed public input, leaving many wondering: After being authorized to craft its own fiduciary rule since 2010, is the SEC finally going to act?

"While we look forward to working with the commission to develop a strong, pro-consumer standard, experience has taught us to take these commitments with a grain of salt," says Barbara Roper, director of consumer protection at the Consumer Federation of America. (https://www.financial-planning.com)

What advisors need to know now about the fiduciary rule

BenefitsPro.com; June 5, 2017

Independent registered advisory firms — fiduciaries before the Obama-era Labor Department expanded the definition of fiduciary advice — are predicted to see a surge in demand under the conflict-of-interest rule, according to most industry insiders and independent analysts.

While they won’t be exposed to the rule’s more onerous contractual requirements, RIAs are not completely off the hook in complying with rule, according to a client alert from attorneys at Drinker Biddle.   (http://www.benefitspro.com)