The US Labor Department expects to issue guidance to clarify aspects of its fiduciary rule, said agency official Phyllis Borzi, the measure's principal architect. The guidance would not make "fundamental changes to the rule," she said. ThinkAdvisor (6/29)
A client is likely to stay with an adviser for an average of five years if the adviser creates a positive and effective experience in the first 100 days, writes Brad Johnson, vice president at Advisors Excel. InvestmentNews (6/28)
The Federal Reserve said most major US banks passed its stress test and are approved to increase dividends and buybacks. Morgan Stanley must resubmit its capital plan, and two subsidiaries of foreign financial institutions failed the annual exam. Reuters (6/30), The Hill (6/29), Bloomberg (6/29), Financial Times (tiered subscription model)…
Retirees who want to spend their savings at a rate higher than 4% a year may need to consider buying an annuity, according to Evan Inglis, a fellow of the Society of Actuaries. He calls for a new look at retirement spending in the light of demographic trends and anticipated…
The Department of Labor fiduciary rule will make 401(k) investment funds with zero revenue sharing more attractive to advisers seeking to mitigate compliance risks. "It's just cleaner to go to zero revenue share and layer on that [advisory] fee, rather than try to levelize compensation with different revenue-sharing percentages in…
A proposed Securities and Exchange Commission rule would require that asset managers have business-continuity and transition plans to protect investors in the event of business disruptions or failure. Asset managers would need plans to protect data, arrange alternate work locations and maintain communications in the event of natural disasters, cyberattacks,…
A survey by Schroders shows US investors have extremely unrealistic expectations, creating opportunities for advisers to have frank conversations with clients about what reasonable returns look like. InvestmentNews (6/26)
The number of people using robo-advisers could nearly quadruple by 2019, while the number of robo-advisory firms is likely to drop, says Chip Roame of Tiburon Strategic Advisors. That scenario will present opportunities for discount brokerages and mutual fund companies, Roame says. InsuranceNewsNet online (6/28)
Networking gives professionals a chance to learn how other people operate and to gain perspective about their career experience, making it "similar to benchmarking," writes Brian Murphy of Willis Towers Watson. Employee Benefit Adviser (6/27)
Wall Street analysts are increasingly convinced that the volatility that followed the UK vote to pull out of the EU has taken a rate hike off the table at the Federal Reserve. The central bank could cut rates, although taking them into negative territory is unlikely, analysts say. Fortune (6/27), …
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