Articles tagged "DOL"


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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 — 8:02 PM UTC

The CFP Board's thunderbolt fiduciary play should proceed and likely will

The 'fiduciary at all times' approach is likely to be supported by the 77,000 CFPs themselves, if opposed by insurance lobbyists and their ilk

June 20, 2017 — 8:33 PM UTC

Why an RIA's willingness to get fired by clients is a mandatory mindset -- now especially under the DOL rule

Yet the advisor may still be to blame for their own 'principled' dismissal before making a real effort to get at the underpinnings of a client's thinking

June 13, 2017 — 7:11 PM UTC

Buried in 11th hour FAQs, Alexander Acosta finally zaps 'warranties' from the DOL fiduciary rule -- at least for June 9 implementation

The hyper-explicit fiduciary promises at Obama-era rule's heart survived multiple rounds of edits but quantity and specificity of language surrounding suspension of warranties suggests they'll eventually come back full force

June 2, 2017 — 6:19 PM UTC

In echo of DFA-RIA custody strife, Morgan Stanley nixes new Vanguard mutual fund account openings

As the idea of a fund shelf diminishes, the Malvern, Pa.-based firm's refusal to pay such fees earns cold shoulder from the top New York wirehouse

May 4, 2017 — 10:56 PM UTC

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 — 5:16 PM UTC

'Poof, it's gone!' DOL quietly strips two heavy lifts from the fiduciary rule as it makes delay official

The Department of Labor effectively makes the 60-day delay into a 270-day one as part of document that was supposed to only formalize the postponement until June 7

April 5, 2017 — 7:41 PM UTC

How the DOL rule postponement is a blessing for RIAs that 'took their foot off the gas' -- and why Vanguard sees such delays as a creeping menace

The Feb. 3 Trump executive order offered grounds for the pause but Bill McNabb warns this delay may beget a never-ending death spiral of delays and 'troubling' uncertainty

March 29, 2017 — 11:06 PM UTC

The takeaway from Friday's DOL rule guidance is 'significant'

The big concern for advisors pre-BICE exemptions was DOL itself, which assures now that it'll turn a blind eye in 2017 -- even to issuing disclosures

March 13, 2017 — 7:50 PM UTC

How Trump's backtrack on DOL rule burned his most ardent anti-rule supporters and the opening Elizabeth Warren is exploiting

Threat of losing DOL rule sparks a new public consciousness and the Massachusetts Senator gives shout-out to Betterment, XY Planning and BlackRock

February 7, 2017 — 10:46 PM UTC

Trump's DOL-rule hit man, Anthony Scaramucci, gets hoisted, reportedly, for financial conflict of interest

The hedge fund owner who compared the Labor Dept.'s attempt to bring fiduciary care to more assets to the infamous Dred Scott decision is being dinged, ostensibly, for a business combination with Chinese Communists

February 2, 2017 — 7:02 AM UTC

The time is now for the investment industry to shed its shameless culture or pay a steep price

Enough feeble excuses and convoluted rationalizations for delaying the DOL rule

January 19, 2017 — 7:03 PM UTC

A veteran securities lawyer takes contrarian stance that the DOL is still 'suitability' reworded, when boiling its 1,000-page 'rule' down to 16-page 'guide'

In prolix prose, the Labor Department's 'exemptions' sound like fiduciary exceptions; as poems, they sound like suitability-level loopholes

January 18, 2017 — 6:23 PM UTC

Who's afraid of Virginia Foxx and friends? Maybe pro-DOL forces should be but no panic yet

With nine days and counting until President Trump, Conservatives deploy fresh troops in Washington with guns trained on the DOL rule

January 12, 2017 — 12:49 AM UTC

The 10 RIABiz stories advisors connected with most deeply in 2016 and how hubris and humility ran amok in this didn't-see-it-coming year

How did Aequitas swamp CONCERT? Power outages at LPL, Cetera and Wealthfront? Adolescent robo problems? And was that Tony Robbins hawking his money book ... again?

December 28, 2016 — 5:54 PM UTC