The National Association for Fixed Annuities levies similar arguments to the initial suit, filed just one day earlier.
Although the Labor Department doesn't have enforcement authority over IRAs, it does have interpretive authority, observers say.
The fine relates to an ex-broker, Galen Marsh, who took data from hundreds of thousands of the wirehouse's clients, some of which ultimately ended up online.
The Labor Department's fiduciary rule and market volatility were the primary contributors.
Bipartisan legislation would make it possible for students to save funds from stipends or fellowships in an IRA.
There are two different versions in the exemption, each with respective limitations and benefits that advisers and their institutions must master.
Advisers need to scrutinize any sort of markup on a platform they're recommending, making sure it is reasonable.
The U.S. Chamber of Commerce, SIFMA, FSI, IRI, the Financial Services Roundtable and several Texas business groups joined a lawsuit to block the Labor Department's landmark fiduciary regulation. <b><i>(Related read: <a href="http://www.investmentnews.com/section/fiduciary-focus" target="_blank">The DOL fiduciary rule from all angles</a>)</i></b>
Lawsuit is perhaps the first example targeting small retirement plans.
It's difficult to count on the grandfathering exemption if advisers plan to make ongoing recommendations in an acccount.
