The burning issue for the mutual fund industry is whether the Trump administration will curtail or rescind the Department of Labor’s fiduciary rule. The nomination of Andrew Puzder for Labor Secretary, who is anti-regulation, could mean changes to the fiduciary rule as it currently stands. While it’s meant to remedy conflicts of interest in the provision of commission-based retirement products, opponents fear it could lead to advisors to abandon mass-market clients. Read more
David is a Vice President of Client Relationship Management at Delta Data. Prior to Delta Data he has logged over 20 years in the mutual fund operations and transfer agency industry. Connect with David on LinkedIn.
Today’s news declaring Andy Puzder as Trump’s pick for Labor Secretary does not bode well for the short-term prospect of moving the date of the DOL Fiduciary Rule. For the past several weeks, the consensus in our industry was that the date could be moved by the incoming Secretary. The caveat is that the incoming Labor Secretary’s ability to move the date hinges on his/her confirmation by the legislature in a timely manner. Read more
Whitfield Athey is CEO of Delta Data Software. His role at Delta Data is focused on growth of the product base, satisfaction of clients and scalability of the organization.
Is Your Firm Prepared?
According to ICI whitepaper regarding the DOL final rule defining “fiduciary,” certain financial intermediaries (and mutual funds in limited circumstances) may choose to resign as Broker-Dealer of Record or both Broker-Dealer of Record and Custodian.
Delta Data anticipates the needs of the parties affected by the DOL Fiduciary Rule change.