Sentences with phrase «fiduciary rule passed»

After the fiduciary rule passed in April 2016, sales of annuities fell 8 % for the full year.

The announcement comes on the same day a bill to repeal the fiduciary rule passed the House Financial Services Commission.

Garrett and other fiduciary financial advisors see the recently issued fiduciary rule passed by the Department of Labor as a major step in the right direction of controlling the costs of advice to investors.

Not exact matches

Since the Department of Labor finalized its fiduciary rule (now in limbo) last year, annuity sales have fallen dramatically as brokerage firms and advisors anticipate that the products may not pass muster under a tighter regulatory standard.

The Department of Labor passed a new rule earlier this year requiring that financial advisors who work with clients on retirement plans abide by a fiduciary standard.

But the DOL fiduciary rule threatens annuity options if it passes in its current form.

Rep. Ann Wagner, R - Mo., who sponsored the Retail Investor Protection Act, bipartisan legislation passed in the House that would require the Securities and Exchange Commission, not DOL, to take the lead on crafting a fiduciary rule, said Wednesday that she was «working closely with House leadership and members of the Education and Workforce Committee on using the Congressional Review Act to stop [DOL's] ill - advised rule.»

As expected, President Barack Obama on Wednesday vetoed resolutions passed by the House and Senate to kill the Department of Labor's rule amending the definition of fiduciary under ERISA.

Critics of the Labor Department's rule have argued that requiring advisors to serve as fiduciaries to the small and midsize plan market will negatively affect access to 401 (k) plans at a time when policymakers at the federal and state level are crafting and passing legislation intended to broaden access to retirement savings for employees of small employers.