Chief executive tells brokers within hours of official death of the fiduciary rule on Thursday that retirement brokerage accounts will be relaunched on Friday.
Wealth head Andy Sieg told brokers firm will decide in about 60 days how to simplify its rigid DOL Rule restrictions and perhaps allow commissions for some asset classes.
Newly hired brokers can get payout credit for retirement account assets, reversing policies that were imposed in 2016 to comply with the Labor Department’s conflict-of-interest rule.
DOL will not enforce fiduciary rule after appeals court decision, but firms for now are sticking with their existing sales policies.
Stage is set for a determination on the controversial rule at highest level following a split decision Thursday in a Texas appeal court that vacates the Labor Department rule.
Files to delay effective date of best-interest contract and other controversial and potentially costly requirements to July 2019 from January 2018.
Opponents as well as critics of the original rule lament the ongoing uncertainty.
Edward Jones reverses hard stop on commission-based retirement fund sales while DOL Secretary Acosta presses ahead on possible reworking of Obama administration rule.