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Forty-five percent of advisors plan to increase their allocations to ETFs, and nearly a third expect to boost allocations to passive investment products as a result of the DOL rule, Cerulli research shows.
Janus files with the SEC to introduce fiduciary rule compliance classes, Oranj upgrades its digital advice platform and a former MetLife financial planner is sentenced for robbing banks.
Under more intense regulatory scrutiny, broker/dealers need to mitigate the risks of letting their reps use the "rep as portfolio manager" platforms, executives were told at the recent FSI OneVoice conference.
While Democrats will probably raise questions about Clayton's ties to Wall Street at his confirmation hearing, they will not be able to block him without some support from Republicans.