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 >
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Assessing Likely Impacts of IRS Hardship Withdrawal Rule Changes
New rules established by Congress and the IRS simplify the process for participants to request a hardship withdrawal of DC plan assets; some experts say this could increase “leakage,” while others anticipate more positive effects, such as lower debt among cash-strapped participants.
What Is a DOL Adviser Investigation Like?
The number of Department of Labor investigations of financial advisers has steadily increased over the years; here is a primer on the DOL’s sources of authority, and what to expect when examiners come knocking.
Managed Account QDIA Mechanics Challenge Plan Sponsor Clients
ERISA attorneys and plan design consultants say they are hearing more questions from sponsors about using managed accounts as a plan’s default investment, but the most common use case remains opt-in managed accounts.
Court Returns Mixed Ruling in Schwab ERISA Self-Dealing Suit

The detailed ruling comes after Schwab defendants moved to dismiss in part the plaintiff’s second amended complaint. 

Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com

Advertising: Paul Zampitella paul.zampitella@strategic-i.com

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