As discussed in an earlier blogpost (and here, and here), the Fifth Circuit Court of Appeals, covering Louisiana, Mississippi, and Texas, determined that the rule is impermissible (by a 2-1 vote on a 3 judge panel). Several organizations, including AARP, requested standing as defendants but those motions were denied, and the Department of Labor, which […]
Update
Latest on the fiduciary rule
The fiduciary rule, explained in an earlier blogpost, makes investment advisors fiduciaries when they provide services to a plan or to an IRA investor. Here is a super-quick summary of some key points: A fiduciary must act in the best interest of participants. It is a prohibited transaction for a fiduciary to receive income from […]
Communications Update
We are pleased to announce that we are introducing a new method of communicating with our clients and associates. This is being delivered through a portal developed by Fort William, our document, compliance, and forms provider. One of the ways we’ll use the portal is for delivering updates such as this – notices of operational […]
Fiduciary Rule postponed – sort of
I wrote about the new fiduciary rule in my blogpost of June 27, 2016. I won’t rehash that except to say that the rule was intended to make advisors work in the interest of their clients, not their own interest. A noble goal, and there were reasons for it, but it was so complex that […]