Regulatory reform

The new regulations are “arbitrary and capricious," a trade organization asserts.

The U.S. Chamber of Commerce, SIFMA, FSI and other groups are asking a Texas court to vacate the Labor Department's new regulations less than a year before the rule goes into effect.

A longstanding obstacle is getting banks to recognize the opportunities in the wealth business, says Arthur Osman, executive vice president and institution service business consultant at LPL.

Commission staffers are probing how broker-dealers are handling ETFs and the extent to which investors understand the risks of the funds.

The new rules were developed in consultation with the SEC, the Labor secretary adds.

There is little to fear from the final version of the Department of Labor's regulation, planners say in a new survey.

Concerns about the new fiduciary rule helped propel the move, along with a drop in LPL service, an adviser says.