Week of October 28, 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.
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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. 
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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.
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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. 
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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
Compliance
Detailed Fiduciary Rule FAQ Published By DOL
Acknowledging that “smart regulation is only as effective as its implementation,” the DOL has issued extensive guidance for advisers and providers seeking to comply with the new conflict of interest standards and prohibitions.
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Compliance
IRS Announces 2017 Limitations for Retirement Plans
The deferral limit for defined contribution plan participants remains unchanged at $18,000.
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Products
Commonwealth Won’t Offer Commission-Based Products for DC Plan Clients
The announcement impacts both IRAs and qualified plans. 
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Practice Management
Putting Up Fiduciary Guardrails Can’t Wait
“The history of the ERISA industry has shown that any time there’s real change there is also real opportunity that comes along with it.”
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Products
Whitepaper Discusses Fee Reasonableness of Advisers
“On April 10 the focus will expand to cover IRAs and the burden will be on the advisers to prove the reasonableness of their fees,” notes Fred Reish of Drinker Biddle.
Read more >
Editorial: Alison Cooke Mintzer alison.mintzer@strategic-i.com
Advertising: Paul Zampitella paul.zampitella@strategic-i.com
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