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Articles tagged "Fred Reish"


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Jason Roberts: The outcome of the advice rule is exactly what we had in 2016, but they just wrote it in a creative way.

Loaded with teeth and better crafted, the latest 'DOL Rule' attracts 19,000 comments -- and SIFMA, Charles Schwab Corp and Fidelity wrote words by the thousands in fierce opposition

Last time around, in 2016, federal regulators imposed a very RIA standard on brokers and insurance agents but it failed in court; now, the DOL is determined to avoid that mistake again, ERISA lawyer says.

January 6, 2024 at 3:52 AM

Jason Roberts: It can be bet-the-company stakes.

The DOL's Trump-era reprieve from rollover fiduciary rigor is over with aspects of remedy that might 'scare the daylights' out of defense lawyers

The Biden DOL is cool with surprisingly toothy rules it inherited that are sure to cause some RIAs to scramble and may be easier for broker-dealers to manage.

February 13, 2021 at 2:29 AM

Fred Reish:  Broker dealers have tried everything in their power to be fiduciaries – while still having commissions. They’re the big winner here.

New DOL fiduciary 'rule' unshackles broker-dealers to pursue commissions, declaring brokers ERISA fiduciaries by making simple disclosures

The new rule lets advisors 'exemption shop' and DOL promises brokers it'll take only about $35 worth of their time to mix commissions with advice.

July 10, 2020 at 2:21 AM

Betsy Moszeter: It's not obvious why the DOL is proposing a rule specifically for ESG.

A big wince as Trump's DOL presses efforts to erase Obama-era ESG guidance, with tough new rule to curb do-good funds in ERISA accounts; critics cry 'politics'

Lawyers see crackdown as 'a solution in search of a problem' in regard to Labor Dept. pleas in proposed rule of danger that meeting environmental and social justice goals could harm returns, hence retiree security.

July 1, 2020 at 8:18 PM

Marcia Wagner:  The new rules may appear more lax, but the Obama Administration rules may have been overkill.

New 'anti-regulatory' DOL Fiduciary Rule figures to keep $10-trillion IRA market under the IRS, allow some conflicted advice; does Rule's revival from dead presage Joe Biden presidency?

The rush to enact rewritten DOL Fiduciary Rule is a 'mystery' given Wall Street's presumed preference for defaulting to status quo; has presidential polling adverse to Donald Trump restored a sense of urgency?

June 4, 2020 at 2:28 AM

Marcia Wagner: I do not anticipate a rush by plan sponsors to modify their investment platform.

Waving the flag of 'capital formation,' SEC promises to let the genie out of the bottle, allowing private funds in 401(k) plans; DOL silent

Right now, SEC limits which advisors can sell alts and who can legally buy them, blocking any realistic chance of putting $4-trillion 401(k) cache in Wall Street crosshairs

July 3, 2019 at 11:15 PM

Lou Harvey: They're giving advice for free and everyone else will have a dickens of a time beating a zero cost offering.

How Fidelity used a robo-advice exemption to stick the landing as a fiduciary to 401(k) participants after the tumult of the DOL rule

The Boston king of DC plans had to withdraw from advising plan sponsors but followed a 12-year-old rule that permits a 'computer model' for the little guys

October 11, 2018 at 3:37 PM

New York Attorney General Barbara D. Underwood leading coalition

Posse of top cops from 17 states dresses down SEC, demand same fiduciary standards for broker-dealers and RIAs and cite other 'egregious' deficiencies in proposed son of DOL rule

Since the 5th Circuit Court of Appeals in March struck down the Department of Labor's (DOL)  embattled "fiduciary rule," broker-dealers have been operating with a virtual "get-out-of-jail-free" card

August 10, 2018 at 8:18 PM

Jason Roberts: What blew my mind is it’s one thing to evaluate your policies when you need to adopt them in the future, but it’s another thing to bake them into your manual.

How Scottrade's 'pain'-seeking sales tactics and 'cut-and-paste' lawyering allegedly led to breaching a DOL rule

Massachusetts securities cops seized on DOL rule clause still under delay and seeded effects for brokerage business that are pervasive and lasting

March 1, 2018 at 1:08 AM

Fred Reish: It may be that the broker-dealers will limit the advisors who can work with large plans.

To the surprise of some, Dept. of Labor grants get-out-of-DOL-rule-jail card to 225,000 firms that dabble in the 401(k) business

Without recent guidance, 401(k) specialists were set to devour one-off accounts held by brokers but new DOL rule guidance offers well-lit path to build toward a far larger 401(k) practice

August 15, 2017 at 12:54 AM

Jim O'Shaughnessy: LPL will allow us to give recommendations but you've got to make sure you're fully working in the RIA with compliance, supervision and that product recommendations are all under that umbrella.

LPL Financial's DOL-rule memo to reps implies deeper message: Become an RIA or stand down on giving rollover advice

The 'deep-pocketed' broker-dealer puts its Series-7 brokers on notice to forget about suggesting a rollover even as it gives its hybrid RIAs a strict protocol to stay out of trouble

July 5, 2017 at 8:02 PM

Fred Reish: You need the data in your file.

DOL fiduciary rule's upcoming September surprise'll send brokers memo-izing -- or else -- says Fred Reish in Nashville to a spellbound room

The Drinker Biddle attorney's invariably even tone gained inflection as he spoke of how brokers can only invoke BICE exemptions to go off DOL script by zealous, proactive documentation

May 25, 2017 at 7:53 PM

Karen Barr: People know that in the sales process you're not acting in their best interests.

RIA lobby fires off letter to DOL claiming rules aimed at reining in overzealous stockbroker sales pitches chill RIA conversations with their prospects

The IAA's letter to the Labor Department asks that RIAs not get entangled in rules designed to prevent stockbrokers from making misleading pitches

April 20, 2017 at 5:16 PM

Bing Waldert: 401(k) plans are difficult [when it comes] to generating income. You can set up a withdrawal but only at a certain age. If you need to take out a big chunk because of a big medical bill, you can't do that.

Why luring 401(k) assets to IRA rollovers in a post-DOL-rule world remains child's play, which keeps $7.6 trillion in the IRA game and growing

Clients still hate 401(k) inflexibility around withdrawals and the DOL granted advisors the upper hand in getting clients to sign away protections with regard to pricier products

April 20, 2016 at 8:25 PM

Thomas Perez: We don't believe it's necessary for an employee of MetLife to have an obligation to advise a client about the products that New York Life is selling.

The DOL's final rule contains a litany of 11th hour concessions to brokers that show Wall Street lobbyists earned their keep

12(b)1 fees, variable annuities and proprietary products are all still allowed and so is partiality in the sales process

April 6, 2016 at 10:00 AM

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