DOL Fiduciary Rule

Firms should focus on two key areas to create a unified approach to compliance and risk—surveillance monitoring and the design and control of investments.

The SIFMA organization formally voiced concerns to the state’s securities division.

“You can’t put one hat on when you’re talking about 50 percent of your assets and another hat on when you’re talking about another 50 percent. It makes no sense,” said SEC Chairman Jay Clayton.

Take this opportunity to make business model changes that will better position your practice.

“I wish more of my colleagues and more elected officials, quite frankly, have signed not just the back of a paycheck, but maybe the front of one,” Rep. Ann Wagner said.

Luis Aguilar, former commissioner at the Securities and Exchange Commission, expects the agency to move on a fiduciary standard, especially if the DOL rule stays in place.

The department said it would not bring claims against advisors or firms who fail to comply with the private-right-of-action portion of the best-interest contract exemption of the fiduciary rule.

The process of altering the rule in some capacity is now under way.

In a letter to an insurance company suing the department, it said the clause “will likely be mooted in the near future.”

The new Voya Select Advantage Advisory IRA is a mutual fund custodial account, and clients can get access through a financial advisor—affiliated with Voya or not.