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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.
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.
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.
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.
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?
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
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
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
Massachusetts securities cops seized on DOL rule clause still under delay and seeded effects for brokerage business that are pervasive and lasting
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
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
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
The IAA's letter to the Labor Department asks that RIAs not get entangled in rules designed to prevent stockbrokers from making misleading pitches
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
12(b)1 fees, variable annuities and proprietary products are all still allowed and so is partiality in the sales process
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