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Warnings of billions in crippling costs and TV attack ads are the latest salvos from opponents of the Labor Department’s fiduciary rule after hearings closed last week.
The industry’s newest claim is that independent firms could get hit with a bill tallying up to $3.9 billion in startup costs alone should the rule go into effect, according to a study commissioned by Financial Services Institute, which is critical of the DoL proposal.
Andrew Welsch is a former managing editor of Financial Planning.
Kenneth Corbin is a Financial Planning contributing writer in Boston and Washington. Follow him on Twitter at @kecorb.
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Treating sentiment as a scored, auditable data point will turn subjective impressions into the kind of objective evidence an executive committee can act on.
As brokerages expand, concerns over conflict of interest and fiduciary breaches abound.
A Deloitte analysis shows that alternative allocations — to private equity, private credit and other vehicles — in DC plans could grow quickly.
Industries that rely on independent contractors should review potential impacts of the new rule and make sure their independent contractor documentation is squared away.
Advisers should ensure clients have a realistic payment-integrity solution on the front end and robust claims recovery program on the tail end for capturing overpayments.
