There’s no stopping the fiduciary rule this time, says Labor Department Secretary Alexander Acosta.
In an opinion piece for The Wall Street Journal, the new Labor Department chief said “respect for the rule of law” precludes a further delay in next month’s applicability date, which had been postponed from April 10 after President Donald Trump directed the department to re-evaluate the Obama-era regulation meant to protect retirement savings from conflicted investment advice.
“We have carefully considered the record in this case,” Mr. Acosta wrote, “and have found no principled legal basis to change the June 9 date while we seek public input.” He said “respect for the rule of law leads us to the conclusion that this date cannot be postponed.”
Still, Mr. Acosta left the door open for repeal or revision after the Labor Department completes its economic review, a process that includes taking public comment.
“Although courts have upheld this rule as consistent with Congress’s delegated authority, the Fiduciary Rule as written may not align with President Trump’s deregulatory goals,” he said
Below, some of the best analysis and insight from WSJ writers and columnists, and occasionally beyond, on investing, the wealth-management business and more.
TALKING POINTS
Streetwise. A week is a long time in politics, and last week the reality TV show that is Donald Trump’s administration packed in enough extra episodes to fill a box set. But investors have finally hit mute.
Bitcoin boom. The price of bitcoin surged over the weekend and into Monday morning, when it traded above $2,200, as a new wave of speculative investment drove up prices.
Monday’s markets. A rally in technology and industrial shares lifted U.S. stocks. The Dow Jones Industrial Average rose 90 points, or 0.4%, to 20895. The S&P 500 added 0.5% and the Nasdaq Composite gained 0.8%.
PLANNING AND INVESTING
The Quants. The Journal’s series on the machines that run Wall Street.
– Build Your Own Trading Bot
– Only Robots Can Tally What the Largest U.S. Pension Fund Pays in Fees
Watching Your Wealth podcast. As more millennials in their 30s start helping their parents with money, JoycePayne Partners’ Michael Joyce talks with WSJ Wealth Adviser’s Veronica Dagher about what to consider and how it makes the most sense financially.
Subscribe to the Watching Your Wealth podcast at wsj.com or on iTunes. And find the full archives of Watching Your Wealth here.
BUSINESS AND PRACTICE
Advise voices. The wealth-management industry has been doing a lot of hand-wringing over the graying of the adviser population in recent years. In the latest Adviser Voices column, Steve Mannebach, the managing partner of Northwestern Mutual Life Insurance Co.’s office in Austin, Texas., says it might be worth starting an internship program to teach best practices to a new generation of advisers in an effort to slow the trend.
JUST BECAUSE
Wealth health. Money laundering is typically meant to describe the process of scrubbing funds of their origin. That term could also be applied to the literal cleaning of Benjamins. According to a recent study, bacteria of many forms cling to dollar bills.
ADVISER CALENDAR
– FPA NorCalConference / San Francisco, May 30-31
– AICPA Engage 2017 / Las Vegas, June 12-15
– FPA NexGen Gathering / Chicago, June 23-25
– In|Vest 2017 / New York, July 11-12
– RIIA Summer Conference 2017 / Salem, Mass., July 17-18
– XYPN17 And FinTech Competition / Dallas, Aug. 28-31
– Insider’s Forum 2017 / Nashville, Tenn., Sept. 6-8
– APFA Financial Advisor Boot Camp / Los Angeles, Oct. 5-6
– ADISA 2017 Annual Conference / Las Vegas, Oct. 23-25
– IMCA Private Wealth Advisor (PWA) 2017 / Chicago, Oct. 16-17
– FPA Minnesota 2017 Annual Symposium / Minneapolis, Oct. 16-17
– FinCon 2017 / Dallas, Oct. 25-28
– The SRI Conference / San Diego, Nov. 1-3
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The Wealth Adviser briefing covers topics of special interest to wealth managers, financial planners and other advisers. It’s delivered to subscribers by email each workday morning; you can sign up for email delivery here: http://on.wsj.com/WealthAdviserSignup. Please send tips, suggestions or other comments to michael.wursthorn@wsj.com or Wealth Editor Brian Hershberg at brian.hershberg@wsj.com.
Follow WSJ Wealth Adviser on Twitter: @WSJadviser
May 23, 2017 at 02:52PM
from Brian Hershberg
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