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Trump sets sights on DOL's fiduciary rule

Published 11/10/2016, 03:28 PM
Trump sets sights on DOL's fiduciary rule
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  • "We've got to get rid of this," says hedge fund honcho and Trump advisor Anthony Scaramucci, speaking about the DOL's fiduciary rule.
  • Set to take effect in April, the Department of Labor's new rule would hold retirement professionals to a "fiduciary" standard in which they must put client interests ahead of their own, rather than the current requirement that they recommend "suitable" products.
  • The Obama administration argues the move would save investors $17B a year in fees and lost returns. Asset managers, however, will probably spend a lot more setting up systems to try and figure out how to comply with the new standard. In Scaramucci's vision, a Trump administration would instead impose a "self-auditing process" for registered financial advisors.
  • Former assistant secretary of labor under Bush, Bradford Campbell has no doubt Trump isn't a fan of the rule, but isn't sure it can be fixed on day one with the stroke of a pen. A Trump administration, however, would have plenty of available tools to modify or eventually remove it, he says.
  • Source: FT
  • The asset managers continue on their post-election tear: BlackRock (BLK +2.7%), Och-ZIff (OZM +3.8%), Legg Mason (LM +4.4%), Gamco (GBL +1.9%), Janus (JNS +3.6%), Invesco (IVZ +3.3%), T. Rowe Price (TROW +3.6%), AllianceBernstein (AB +5.1%), Affiliated Managers (AMG +7.5%), Federated Investors (FII +6.6%), Waddell & Reed (WDR +4.4%).

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