Files to delay effective date of best-interest contract and other controversial and potentially costly requirements to July 2019 from January 2018.
Opponents as well as critics of the original rule lament the ongoing uncertainty.
Edward Jones reverses hard stop on commission-based retirement fund sales while DOL Secretary Acosta presses ahead on possible reworking of Obama administration rule.
Firm will allow commission accounts but will suspend grid-based payouts.
Andy Saperstein, co-head of the firm’s Wealth Management unit, said the rule has sped up the move to more profitable fee-based assets.
Industry trade groups and consumer advocates focus on the rule’s enforcement mechanism.
Industry executives from giant firms to midgets say they and their brokers are struggling with what’s to come two weeks before the fiduciary rule becomes effective.
Brokers have abandoned “hundreds of thousands” of small investors in last month out of fear of being sued over retirement-account violations, executive says.
In mid-year change, trading charge cannot exceed 2.5% of a transaction and the $125 minimum “ticket” charge for a stock trade has been eliminated.
Raymond James CEO, UBS’s head of managed accounts and others in the industry argue for at least six more months to prepare for rule’s implementation.