LPL CEO Casady says that as written, rule would bar sales of certain alternative investments in brokerage retirement accounts. (See also: Democratic senators split from White House on DOL fiduciary rule )
Along with financial industry, group of legislators ask for extension of public comment period on new proposal.
Fees and expenses matter, but in a procedurally prudent investment process, their management should account for less than 10% of a fiduciary's total efforts
Plan sponsors face deeper vetting of their advisers' offerings than ever before.
Groups say they need an extra 45 days above the 75-day comment period to respond.
Retirement plan experts predict a major shake-up in the way broker-dealers do business with small retirement plans and IRAs — all thanks to a prohibited transaction exemption in the Labor Department's new fiduciary duty proposal.
John Thiel's outspoken support of a best-interest standard and the Labor Department's effort puts pressure on peers. (See also: DOL proposes controversial fiduciary rule )
U.S. jobless claims sink to 15-year low
Labor Secretary aims to assure industry rule will be 'much more informed' than last attempt, which faced fierce protest and was withdrawn in 2011.