Compliance February 18, 2011

DoL Releases Fiduciary Definition Hearing Agenda

The U.S. Department of Labor (DoL) released an agenda for its public hearing on a proposal to refine the definition of fiduciary.
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Regulators will hear testimony from members of 13 witness panels on March 1 and March 2, 2011, in Washington  D.C. Twenty-one witnesses will appear the first day of the session, with 17 more scheduled for the following day.

The hearing schedule is at http://www.dol.gov/ebsa/pdf/1210-AB32hearingagenda.pdf.

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Comments on the proposal already submitted to the DoL are at http://www.dol.gov/ebsa/regs/cmt-1210-AB32.html.

Products February 18, 2011

LPL Launches Fee-Based Variable Annuity Platform

LPL Financial has introduced a platform that allows for discretionary management of variable annuity assets for LPL Financial-affiliated advisers.
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Five providers are included in the fee-based variable annuity (FBVA) platform: Allianz Life, AXA Equitable, Lincoln Financial, Prudential Annuities and Sun Life Financial.

LPL Financial, the independent broker/dealer and wholly-owned subsidiary of LPL Investment Holdings Inc., said that advisers will be able to deliver active portfolio management efficiently alongside the valued protection features that these products offer.  Investors will also benefit from a more streamlined pricing structure, given the removal of bundled commissions while maintaining the consistency of the fee-based  relationship with the adviser across products within the same account.

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Through this platform, purchases of fee-based variable annuities will be integrated in the existing LPL Financial process for opening accounts for investors, and holdings will be viewable through all adviser-facing technologies, including BranchNet, the company’s proprietary, web-based technology platform that allows advisers to manage all critical aspects of their business.

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