News, Vision & Voice for the Advisory Community


One security lawyer's unvarnished take on DOL's 34 answers to 34 questions and what unsettles him about them

The 24-pages of government-speak only make a dent in comprehending the 1,000-page rule -- and the DOL says there's more guidance on the way

Author Irwin Stein November 8, 2016 at 6:46 PM
1 Comment
no description available
The report provides answers that add some clarity but surely will displease most people in the industry.

401(k) Stories


RIA Compliance

Stephen Winks

Stephen Winks

November 9, 2016 — 5:06 PM
The most fundamental questions pertaining to expert counsel are not addressed by the DOL's FAQs: (1) treatment of trade execution as a cost center to be minimized in the client's best interests, (2) retooling of product menus to (a) streamline cost and (b) facilitate real time client holdings data necessary for continuous, comprehensive counsel of fiduciary duty and (3) adoption of prudent process (asset/liability study, investment policy, portfolio construction, performance monitor) authenticated back to objective fiduciary criteria (statute, case law, regulatory opinion letters) which put "financial services" back into the financial services business. These fundamental considerations inculcate the new rules required for all who wish to render advice. Wall Street will never be the same if it chooses to compete in the best interests of the investing public. SCW

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING

RIABiz Directory sponsored by:

Directory Sponsor Logo

White Paper Postings

Common Tags

Recent Articles

Popular Writers

RIABiz logo


About Us




RIABiz, Mill Valley, California
Copyright © 2009-2024 RIABiz Inc. All rights reserved.