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.
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.
LPL clamps 6% lifetime maximum commission on non-traded REIT sales.
Andy Saperstein, co-head of the firm’s Wealth Management unit, said the rule has sped up the move to more profitable fee-based assets.