Articles tagged "Drinker Biddle & Reath"
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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
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
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
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
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
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
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
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
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
The RIA-ification intrinsic to LPL's preemptive DOL policy changes -- yet how tightly to revenue sharing in IRAs it is hanging
LPL's super-clients like Private Advisor Group see a clear 'advisory' future but LPL is walking a more shrub-choked hybrid path
March 22, 2016 at 9:30 PM
401(k) industry howls as DOL lets state governments become DC providers with advantageous exemptions
Multiple employer plans' under states will have economies of scale, fewer rules, while ERISA bars private firms from banding together
December 10, 2015 at 7:00 PM
How 12(b)-1 fees and revenue sharing may be the real victims of Monday's 'narrow' Supreme Court ruling
By unanimous decision, a conservative nine showed no tolerance for retail mutual fund share classes that achieve such status with fat fees that directly or indirectly pay 401(k) administration freight
May 20, 2015 at 4:18 PM
The White House puts its best Obamacare minds behind cleaning up the 401(k) business -- starting by issuing a withering memo
The executive branch's endorsement of the fiduciary rule is based on finding that Americans may have to work for an extra three years because of Wall Street overbilling
January 30, 2015 at 9:50 PM
Fidelity Investments wins huge in the 'biggest 401(k) case in decades' -- but bearing battle scars
Boston 401(k) giant is able to reverse prior judgement related to fees in landmark Tussey v. ABB
March 20, 2014 at 7:07 AM
How the future of the 401(k) industry may hinge on the outcome of a lawsuit brought by Fidelity employees against their own company
The legal case is built on a Fidelity-only funds menu but the Boston 401(k) king intends to show these participating employees got a sweet, fair deal that went beyond DOL mandates
