DOL Fiduciary Rule Comment Period Starting

[Brian Anderson]

Just posted an article (link below) with more details.

The Department of Labor Fiduciary Rule cleared the first step in the process to becoming an official rule when the Office of Management and Budget (OMB), which scores proposals of this nature with financial implications, cleared the proposal for publication. A period of 75 days now follows in which official comments can be submitted, which will then be followed by a public hearing within a month, another comment period, and presumably a final rule.

Curious as to whether many Forum members will take the time and make the effort to submit “official” comments on this during the 75-day comment period, and what the gist of those comments might be.

Insurance Forums | DOL Fiduciary Rule enters first stage in Rulemaking Process

 

[Cash]

The investment world is going mad with all this crap. The Pharisees have taken over the business and all they will allow is Modern Portfolio Theory and indexing as far as "best interest" is concerned going forward.

If someone in the business actually knows how to invest, outside of those perimeters, wants to give the business a go well too bad... the Pharisees have academic studies so there..... it's not like this is a free country or something. And that doesn't just go for the DOL but for all these people that want to change the fiduciary definition.

The DOL's obsession with fees is a joke. People's 401k performances are a joke... maybe having someone available to the employees at a slightly higher fee or heaven forbide commision would help with the underperformance of 401ks. But then some non Wall St people might make more than the Pharisees.

A 401k is good for two things and that is a tax deduction and an employer match.

It's not like most of these people will ever be able to retire anyways. Most people are not smart enough to invest their own money in the market.... most people don't put enough money away to retire.

Most people never retired in the history of the world unless they set their kids up with a job/skill/farm/business so their kids could take care of them.

People had it really good in this country for a while. They had good paying jobs with pensions.

Well those days are gone. After WW2 the industrial world was in ruins, with no little thanks to our military, and the world had to buy a lot from us. We had no compition and it was great to be a worker.

That's not the case anymore. The average joe can no longer walk to the factory and get a job and retire without giving it another thought. And there is nothing the DOL can do about it.

Sorry for the rant.

 

[sman]

The investment world is going mad with all this crap. The Pharisees have taken over the business and all they will allow is Modern Portfolio Theory and indexing as far as "best interest" is concerned going forward. If someone in the business actually knows how to invest, outside of those perimeters, wants to give the business a go well too bad... the Pharisees have academic studies so there..... it's not like this is a free country or something. And that doesn't just go for the DOL but for all these people that want to change the fiduciary definition. The DOL's obsession with fees is a joke. People's 401k performances are a joke... maybe having someone available to the employees at a slightly higher fee or heaven forbide commision would help with the underperformance of 401ks. But then some non Wall St people might make more than the Pharisees. A 401k is good for two things and that is a tax deduction and an employer match. It's not like most of these people will ever be able to retire anyways. Most people are not smart enough to invest their own money in the market.... most people don't put enough money away to retire. Most people never retired in the history of the world unless they set their kids up with a job/skill/farm/business so their kids could take care of them. People had it really good in this country for a while. They had good paying jobs with pensions. Well those days are gone. After WW2 the industrial world was in ruins, with no little thanks to our military, and the world had to buy a lot from us. We had no compition and it was great to be a worker. That's not the case anymore. The average joe can no longer walk to the factory and get a job and retire without giving it another thought. And there is nothing the DOL can do about it. Sorry for the rant.

No need to worry. The government will be to the rescue.

 

[scagnt83]

The investment world is going mad with all this crap. The Pharisees have taken over the business and all they will allow is Modern Portfolio Theory and indexing as far as "best interest" is concerned going forward.

If someone in the business actually knows how to invest, outside of those perimeters, wants to give the business a go well too bad... the Pharisees have academic studies so there..... it's not like this is a free country or something. And that doesn't just go for the DOL but for all these people that want to change the fiduciary definition.

The DOL's obsession with fees is a joke. People's 401k performances are a joke... maybe having someone available to the employees at a slightly higher fee or heaven forbide commision would help with the underperformance of 401ks. But then some non Wall St people might make more than the Pharisees.

A 401k is good for two things and that is a tax deduction and an employer match.

It's not like most of these people will ever be able to retire anyways. Most people are not smart enough to invest their own money in the market.... most people don't put enough money away to retire.

Most people never retired in the history of the world unless they set their kids up with a job/skill/farm/business so their kids could take care of them.

People had it really good in this country for a while. They had good paying jobs with pensions.

Well those days are gone. After WW2 the industrial world was in ruins, with no little thanks to our military, and the world had to buy a lot from us. We had no compition and it was great to be a worker.

That's not the case anymore. The average joe can no longer walk to the factory and get a job and retire without giving it another thought. And there is nothing the DOL can do about it.

Sorry for the rant.

There is already a loophole for commissions, revenue sharing, & 12b-1 fees in the proposed regulations. Just an extra form or two... just like most regulations.

 

[Brian Anderson]

On April 21, 2015, 16 financial trade associations representing the breadth of the financial services industry in the United States jointly submitted a letter to the Department of Labor requesting that the Department extend the public comment submission period for an additional 45 days for the recently released Conflict of Interest Rule and Related Exemptions. The Associations (which include NAFA, AALU, NAIFA, ACLI) noted the 75-day comment period is inadequate to address the “far-reaching modifications that will be required to meet the conditions to the exemptive relief that the Department perceives as important” to protect the interests of retirement investors. As the Associations noted, “a 120-day comment period would lead to more thoughtful and comprehensive input, which will ultimately increase the possibility for a more workable final rule that would benefit all parties.”

Joint Trades Letter to Department of Labor - Financial Services Roundtable