PLANADVISER Weekend Newsdash
Week ending October 28th, 2016
NOTE FROM THE EDITOR
Happy Friday, readers. After seemingly endless coverage, discussion and debate, what remains to be said about the Department of Labor fiduciary rule? Quite a lot, it seems. This week the DOL published an extensive FAQ document detailing the rule implementation process slated for 2017 and 2018—and providing crucial details about how the Best Interest Contract Exemption and other rule provisions will be applied. The full picture is presented below. 
Editor's choice
Technology-Committed Firms See a Lot to Like in DOL Fiduciary FAQ
Attorneys and executives working for robo advice technology providers suggest the DOL fiduciary rule—as enumerated by the new FAQ publication—paves the way for their approach to succeed. Read more >
No Doubt Commissions Are Fading
At a high level, financial services firms are changing their salesforce compensation structure to regulate total returns for their sales teams and reflect their evolving corporate goals and strategies.  Read more >
Being a Fee-Only Fiduciary
The final rulemaking makes clear that, in the DOL’s view, a recommendation to take a distribution from an ERISA-covered plan and roll it over to an IRA (or from one IRA to another) presents a conflict to the adviser that should be addressed through a prohibited transaction exemption. Read more >
Going Live With Fiduciary Changes Takes Time
It’s not just enough to understand what changes need to be made to comply with the stricter fiduciary standard—it’s also crucial to plan for how such changes will be implemented, step by step.  Read more >
DOL Conflict of Interest Rule Could Force Staff Changes
More than half of broker/dealers surveyed by the LIMRA Secure Retirement Institute believe some of their advisers will retire rather than sell under the new. Read more >
MOST POPULAR STORIES
Plaintiffs Claim Deloitte Breached ERISA Prudence Duties

Arguments in the new case closely resemble previous lawsuits filed against other firms citing the ERISA fiduciary duties of prudence and of monitoring fiduciaries.

Only 31% of Hispanic Workers Participate in a Workplace Retirement Plan

Morningstar says there are several factors besides lower income that could contribute to the lower savings relative to other demographic groups.

TIAA Faces New Managed Account Rollover Complaint Months After Settling SEC Charges

A new lawsuit suggests the individual advisory program TIAA clients were rolled into was significantly more expensive and generated hundreds of millions of dollars in fees for TIAA—without providing commensurate performance benefits.

A Year of Disruption Spotlights Tech, Cybersecurity

Advisers are increasingly focused on Social Security marketing, technology that can deliver investment personalization, and cybersecurity.  

Retirement Industry People Moves

SageView adds Bloomfield Hills wealth practice; ExamFX acquires Training Consultants; BNY Mellon launches Pershing X; and more.

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