Wealth Management


In what likely comes as frustrating news for a lot of the wealth management industry, it is time to start worrying once again about the return of the fiduciary rule. And we are not talking about state level rules, or new interpretations of the SEC rule, we mean the old DOL rule itself. The DOL announced towards the end of 2018 that it was planning to re-release a new version of the rule in fall of 2019. However, it had been quiet until now. This week, a top industry lawyer has commented that the DOL is again working on new fiduciary regulations and may launch in tandem with the SEC, though specifics are lacking.

FINSUM: So what do we know? Firstly, we know the DOL said it would re-release the rule in the fall of this year. We also know that it seems to be actively working on crafting new fiduciary regulation. We’ll let you put two and two together.


In what is looking like a big win for broker-dealers and the entire anti-fiduciary rule countermovement, one of the big pro-Fiduciary states just had its plan resoundingly rejected. Maryland, who has made a splash in the wealth management world recently by announcing a new fiduciary rule push, just had its efforts all but obliterated by its own Senate Finance Committee. 10 out of 11 members on the committee voted against the rule (the eleventh person was excused from needing to vote), effectively ending the push for now.

FINSUM: What we are really hoping for is that the SEC is able to come up with a rule that makes states happy so that we do not end up with different rules in every part of the country, further fragmenting our financial landscape.

(New York)

The press has a complicated relationship with annuities. On the one hand, some investors love them and the relative predictability they offer, while on the other, there are loads of stories of abuse. That said, they still have utility for investors, and with that in mind, here is a list of some of the best across six different categories. For immediate income, Minnesota Life has some well rated products with good payouts. Penn Mutual Life and Lincoln National Life also have strong offerings. For deferred income annuities there are some other providers to check out, including Symetra Life, CUNA Mutual, Principal Financial, and Guardian Life.

FINSUM: Guaranteed income at certain life thresholds is a valuable proposition for clients, it is the irresponsible way in which they have sometimes been sold that raises issues. This article lists some good candidates.

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