President Trump to require ‘two-for-one’ regulations
'To the extent allowed by law, any new incremental costs associated with new regulations must be offset by the elimination of existing costs associated with at least two prior...
Regulations/Legal
Financial institutions brace for DOL haircut
A recent survey of executives at banks and credit unions showed that the typical U.S. financial institution can expect a 17% fall in revenue from investment services because of...
Fitch reviews impact of DOL rule on wealth managers
Depending on whether they pursue a fee-only or commissions model in response to the DOL rule, wealth managers may benefit or suffer, said a Fitch release.
Edward Jones’ 401(k) plan accused again of ERISA violations
A federal class action suit in St. Louis charges the Edward Jones 401(k) plan with offering its participants high-cost funds from asset managers that were also paying tens of...
Federal judge rejects NAFA’s suit against DOL
'NAFA’s own declarations leave little doubt that those engaged in the annuities business do not simply dispense products but, rather, provide individualized investment advice,' wrote U.S. District judge Randolph...
FAQs (and Answers) from DOL
The DOL said 'No' to the question: Can advisors rely on the 'streamlined' version of the Best Interest Contract Exemption if the products they recommend to IRA owners...
Eleven firms, and their new DOL-related policies
A quick review of changes at LPL, Great American Life, Edward Jones, Nationwide, State Farm, Jackson National Life, Merrill Lynch, Commonwealth Financial, Morgan Stanley and Ameriprise in response to...
Envestnet’s new tools to aid compliance with DOL rule
Envestnet, the Chicago-based technology firm, is seizing the opportunity to help broker-dealers prepare for compliance with the DOL fiduciary rule, which becomes effective next April.
Could You Be Sued Under the New DOL Rule?
'If you’re trying to get things right, our aim is to help you, and that will be true for some time after December 2017,' said attorney Tim Hauser of...
Labor Department acts on state-sponsored workplace IRAs
So far, eight states have passed legislation requiring private-sector employers that don’t offer retirement plans to auto-enroll their workers in state-administered, payroll-deduction IRAs.
AXA wins excessive fee litigation suit
U.S. Judge Peter G. Sheridan ruled that the plaintiffs failed to prove that AXA Equitable’s Fund Management Group had charged “exorbitant fees” while delegating “all of the services” to...
Advisors in limbo regarding DOL rule
More than four in ten advisors (43%) said they may plan to expand services offered to more holistic planning and 26% may plan to focus on non-qualified accounts, according...
Most plan providers expect DOL rule to help asset retention: LIMRA
'Nearly three quarters of plan providers anticipate their call center staff will need training to be able to distinguish education from advice,' said Matthew Drinkwater, Ph.D., assistant vice president,...
Now accessible on all platforms: DOL fiduciary training from LIMRA
'DOL Fiduciary Basics for Employees' is presented in 13 multimedia vignettes, each several minutes long. The vignettes are accessible through mobile devices, tablets, or personal computers.
MassMutual settles suit over its own retirement plan for $30.9 million
The terms of the settlement include a provision that MassMutual will not charge its plan participants more than $35 each for standard recordkeeping services for the next four years,...
At IRI Legal Conference, Lawyers Parse the “Fiduciary Rule”
The Department of Labor decided not to send an invited panelist the Insured Retirement Institute's Government, Legal and Regulatory Conference on Monday--perhaps because the IRI is party to a...
Here’s your copy of NAFA’s suit against the DOL
The National Association of Fixed Annuities' suit asks the federal court in the District of Columbia to vacate the DOL’s new fiduciary or conflict-of-interest rule, which could make it...
Marcia Wagner Explains the DOL Rule
'It will be hard to design a compensation program that eliminates all incentives to provide improper advice,' said Boston-based ERISA attorney Marcia Wagner during a webinar this week on...
Despite DOL rule, A.M. Best raises outlook for indexed annuity issuer
'Positive rating actions could occur if diversifies its product offerings into more creditworthy product lines, resulting in sales growth in products other than fixed indexed annuities,' A.M. Best...
FINRA fines MetLife $20 million for VA replacement misconduct
‘MSI represented to customers that their existing VA was more expensive than the recommended VA, when in fact, the existing VA was less expensive,’ FINRA said.
