DOL Fiduciary News: February 16, 2017
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Fiduciary-Rule Review: Experts Weigh In
The Wall Street Journal; Feb. 15, 2017 3:22 p.m. ET
Opponents and supporters of an Obama-era retirement-advice rule are using a Trump-ordered pause in its implementation to argue the merits of their case.
On one side, critics of the so-called fiduciary rule are saying a Labor Department review of the economic costs and investor benefits is a chance to quash the rule or amend it to limit the impact on business and retirement savers. They say the rule will bog down the industry with unnecessary costs and paperwork and further limit the investment and advice options of smaller retirement savers
(http://www.wsj.com)
DOL rule, Dodd-Frank up in the air: What now for advisors?
LifeHealthPro.com; February 15, 2017
President Trump’s flurry of executive actions since taking office is upending the established order in the nation’s capital. Financial services professionals have a huge stake in the outcome for two of them.
Those executive orders — one calling for an “updated economic legal analysis” of the Department of Labor’s fiduciary rule, the other detailing “core principles” that could gut the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 — have unsettled federal oversight of financial services to a degree unseen since the end of the 2007-2009 downturn.
(http://www.lifehealthpro.com)
Meet the Retirement Savers Who Oppose the Fiduciary Rule
The Wall Street Journal; Feb. 15, 2017 9:29 a.m. ET
Judith Friedlander, an 80-year-old retiree from Murrieta, Calif., doesn’t appreciate the government trying to regulate how she manages her roughly $400,000 individual retirement account.
After the Labor Department last year approved the fiduciary rule, which generally requires advice on retirement assets to be conflict-free, Ms. Friedlander says her financial adviser suggested she transition from a commission-based account of the sort that could run afoul of the rule into a fee-only account.
(http://www.wsj.com)