The “fiduciary rule” is officially dead.
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.
The corpse of the DOL rule hasn’t been buried, but firms are revising retirement account products and policies in preparation for the expected repeal.
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.
Controversial rules would require enhanced disclosures about conflicts but critics say they largely preserve the status quo.
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.
State official says firm now owned by TD Ameritrade violated the DOL’s fiduciary rule by “conducting sophomoric contests.”
Traditional firms that have moved advisors aggressively to fee-based accounts are battling the unintended consequence of lower account growth.