‘When you have both sides come together and support something – or in this case oppose something – we can put forth better policies for retirement savers,’ says a financial industry lobbyist
'I don’t see this as a harbinger for continuing decline,' an RIA M&A consultant says. 'Instead, I see this as a short-term plateau.'
'If Trump wins the general [election], then it’s likely that the House and Senate go Republican as well, and the 2017 tax cuts get extended,' an advisor says.
'This happens when there is a new frontier of investment categories,' a compliance expert says. 'A lot of folks get very excited. What that means is [compliance] policies and procedures don’t catch up with the business side.'
A separate long-shot bill to eliminate the estate tax could help set the stage for tax reform in 2025, when individual rate cuts expire.
Brokers have been wondering whether they’re complying correctly with the standard of conduct. Enforcement cases this year may shed more light than ever before.
'This vote is not going to usher in a new era of strange alliances on votes on rulemakings or other applications to list and trade products,' says a securities lawyer. But staving off potential court intervention may shape upcoming final rules.
The final DOL rule threatens the independent status advisors 'rely on...as they build their businesses,' says FSI CEO Dale Brown.
Firm's tactic 'not only undermined critical investor protections and placed investors at risk, but was also illegal,' says SEC enforcement director.
In one of his last actions as CFP Board chairman, Daniel Moisand testified at last month’s hearings on the Department of Labor’s latest advice proposal.
