DOL Fiduciary News: March 23, 2017

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Acosta: As DOL Chief I’d Obey My Boss And Review Fiduciary Rule

Financial Advisor; March 22, 2017

President Donald Trump’s nominee for Department of Labor Secretary Alex Acosta told the Senate labor committee today that if confirmed, he would have to obey his boss -- Trump -- and review the fiduciary rule.

However, Acosta refused to say if he thought the rule would harm the ability of Americans to obtain retirement information and financial advice.

If the Labor Secretary finds the answer to the question is yes, the President’s directive orders DOL to revise or eliminate the rule. During the hearing, Acosta said the rule goes beyond addressing the care retirement advisors must provide plan participants, to which Democratic Massachusetts Senator Elizabeth Warren responded that it doesn’t go beyond.
(http://www.fa-mag.com)

J.D. Power Polling Reveals Investor Opinions on Faulting Fiduciary Rule

PLANADVISER.COM | March 20, 2017

A new J.D. Power investor survey analysis (http://www.jdpower.com/resource/wealth-management-fiduciary-roulette), published by Michael Foy, the ratings firm’s wealth management practice director, argues the uncertain fate of the DOL fiduciary rule has not necessarily slowed the impetus for change in the ERISA advisory industry.

“Some of these changes have the potential to significantly disrupt the way investors save and plan for retirement,” Foy suggests. He warns that data show advisory staff and leadership alike must “address the attrition risk faced by firms,” which will be more or less severe depending on “how they change their products and pricing.”
(http://www.planadviser.com)