The Labor Department is holding hearings this week on its proposal to impose fiduciary requirements on retirement advisors -- the latest phase of its contentious process to craft new rules on consumer financial protections. Throughout the week, Labor will hear from some 25 investor advocates, academics and representatives of various industry sectors that would be affected by the fiduciary rules, which the department says are necessary to protect retirement investors from conflicted advice that might not be in their best interest.
SourceMedia’s Financial Planning, On Wall Street, Employee Benefit Adviser and Employee Benefit News are covering the hearings. Complete, ongoing coverage – along with commentary from their expert contributors – can be found below:
Sept. 11, 2015
The Department of Labor’s final fiduciary rule could be released before the next presidential inauguration in January 2017.
Sept. 10, 2015
The Department of Labor’s proposed fiduciary rule presents complex challenges to advisers and their clients and will exacerbate the savings crisis in America, Juli McNeely, president of the National Association of Insurance and Financial Advisors, warned Congress.
Aug. 18, 2015
Warnings of billions in crippling costs and TV attack ads are the latest salvos from opponents of the Labor Department's fiduciary rule after hearings closed last week. The industry's newest claim is that independent firms could get hit with a bill tallying up to $3.9 billion in startup costs alone should the rule go into effect.
Aug. 14, 2015
After four days, nearly 40 hours of testimony and more than 70 speakers, the Labor Department has wrapped up the latest phase in its effort to craft and implement a new fiduciary rule governing retirement advice in America. Here are the sharpest critiques and key takeaways from the hearings.
Aug. 13, 2015
If there's one thing that both supporters and critics of the Labor Department's proposed fiduciary rule share in common, it's a belief that the rule would have a profound impact on retirement advice in America.
Aug. 12, 2015
The DOL’s proposed fiduciary rule would likely push some commission-based brokers out of the retirement market altogether, NAIFA’s JuIi McNeely testified during the second day of DOL hearings on the proposed rule.
Aug. 11, 2015
As the Department of Labor kicks off four days of hearings this week on its proposed changes to fiduciary rules, the Plan Sponsor Council of America says that while it supports the goal of extending ERISA’s fiduciary protections, it would like to see further clarification in the final rule, including model language and additional examples.
Aug. 11, 2015
Brokerage industry leaders told Labor officials that the plan's contract requirements will compel them to drop less-affluent clients who want to retire.
Aug. 10, 2015
In its first day of hearings about the proposed fiduciary rule, the DoL has heard testimony from advisors, legal experts and other industry representatives — many seeking revisions to minimize the ‘burden’ of the rule’s future implementation.
Aug. 10, 2015
A week of hearings on contentious fiduciary proposal gets underway as SIFMA chief warns brokers will abandon retirement market if rules take effect.
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