Congratulations To All The New Fiduciary FAs Out There: Financial Advisors' Daily Digest

by: SA Gil Weinreich

Summary

Fiduciary rule change is expected Wednesday.

Wealthfront announces its 3.0 artificial intelligence version.

A retirement economist analyzes frequent-flyer miles.

The big news this week is expected to be the Department of Labor's throwing down the gauntlet on the long-debated fiduciary rule by propounding a new conflict-of-interest rule. Whether you were in favor or dead-set opposed to this change, it's looking like a done-deal, so congratulations to the tens of thousands of new fiduciaries out there. You now have a new qualification to boast about to prospects (and perhaps a host of new compliance headaches).

SA contributor and advisor recruiter Mark Elzweig says the new rule will immediately change advisors' calculations about what brokerage firms to associate with, citing LPL Financial Services as an example of such a firm prepared to minimize rule-change headaches by "slashing prices and reducing account minimums so advisors can easily absorb small accounts that have, until now, been commission-based."

So what do you say advisors? Will the new rule make a difference to your practice, your resume, your products services or partners? Let us know in the comments. Here's today's other top news for advisors.