Fiduciary Rule

"There are ways to potentially be cute with it. You could potentially cut out retirement business from the back-end bonuses," says an ex-Merrill Lynch executive who works in the independent space. "Cute doesn't usually work when it comes to regulators."

Mutual fund providers sought to use digital platforms as new distribution channels for their funds, but new guidance upends a strategy that would rely only on proprietary products.

The early decision stops advisers from earning commissions on products that will also generate fees through the firm's Investment Advisory Program.

Following Commonwealth Financial Network's decision to cut its commission-based retirement business, some competitors head in the opposite direction.

With the fiduciary rule coming, advisers who have a great offer on the table better act fast, says one headhunter.

New guidance from the Department of Labor provides conditions under which firms can offer bonuses and other compensation incentives.

In an informal poll, the majority of banks and credit unions have made a definitive decision to no longer accept soft marketing dollars.

The decision is effective immediately and was made within hours of the Department of Labor issuing new regulatory guidance on the fiduciary rule's implications.

That extra back-end comp "can create acute conflicts of interest," the Department of Labor says in newly provided regulatory guidance.

Lawyers will likely become "very industrious … and once the trial bar is on to something, you know regulators will look,” a Schwab exec predicts.

"We fully expect to offer a range of options to help our clients," CEO Paul Reilly said.

The new rule will lead to lower built-in commissions, enhanced agent/advisor education, and increased regulation of indexed annuities.

Unlike its rival, Morgan will keep commission-based retirement accounts under the new regulation's best interest contract exemption.

CEO Jim Cracchiolo said the firm will still offer variety on its platform, but that it needs to make sure products are "appropriate for the client."

Months before the law is phased in, "traditional firms are beginning to look more and more" like independents.

CEO Wayne Bloom says the threat of lawsuits in the wake of the new regulation prompted the change, which could be a first among IBDs.

The bank will provide both non-discretionary and discretionary services. The discretionary service will offer three types of investment lineups built for different plan demographic profiles.

Tibergien: RIA valuations will sink. Seivert: Financing for deals will be just fine.

Fee-only advisors seek clarification from the DoL on compliance requirements.

Planners and brokers alike must revisit their policies and procedures, caution legal and compliance experts. Here’s where to start.