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Snakes and ladders: What to expect in the unexpectedly triumphant final DOL fiduciary rule

Whether converted or just plain exhausted, the staunchest opponents are standing down to make way for the new rule that will go into effect in 2017

Author Guest Columnist Duane Thompson December 18, 2015 at 12:28 AM
1 Comment
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Duane Thompson: Its harshest critics might compare the process to a giant anaconda that, having swallowed its prey, now lies motionless for several months as it slowly digests its meal.

401(k) Stories


RIA Compliance

Stephen Winks

Stephen Winks

December 18, 2015 — 7:31 PM

The industry has 6 months to comply. After 70 years of denial, we can actually have a safe business environment in which advisors can work in the client’s best interest. Importantly, FINRA arbitration no longer holds b/ds harmless in managing client disputes on the basis that “brokers do not render advise” which requires the consumer to be their own counsel regardless how limited the consumer’s investment knowledge and experience may be. Brokers are now accountable for every investment recommendation they have ever made. This materially changes broker culture requiring attention to fiduciary duty and ongoing .counsel.

Stephen Winks

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