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.
- Wealthfront intends to be a more robust competitor to human FAs with its new AI component
- It's not just the dumb money but the smart money that is chasing performance
- BNP Paribas Wealth Management tells SA contributor April Rudin what a "millenipreneur" is
- Mario Gabelli identifies Trump as one of his investors, offers current views of the economy
- Fed keeps stating bold policy directions, and then their opposite
- A retirement economist looks at frequent flyer miles and says it's OK to spend them down