Hearings on the Department of Labor’s proposed fiduciary rule closed last week, but opponents of the rule are continuing their attack. The Financial Services Institute released a new study that shows independent firms could be paying up to $3.9 billion in startup costs if the rule is implemented. Read the details at Financial Planning. Also, Advisors need to take a proactive role following the IRS breach of 334,000 taxpayer accounts by sending out emails to clients. An InvestmentNews article quotes financial planner Steve Doster: “Advisers should send out an email to clients making them aware of the breach and instructing any client who receives an IRS letter to contact their advisory firm.” Read more below.
DoL Fiduciary Opponents Pin Price On Proposal: $3.9B
By ANDREW WELSCH and KENNETH CORBIN
Source: Financial Planning
Warnings of billions in crippling costs and TV attack ads are the latest salvos from opponents of the Labor Department’s fiduciary rule after hearings closed last week. The industry’s newest claim is that independent firms could get hit with a bill tallying up to $3.9 billion in startup costs alone should the rule go into effect, according to a study commissioned by Financial Services Institute, which is critical of the DoL proposal.
An Email To Clients Is Warranted As The Number Of Citizens Exposed In The Tax Hack Triples
By Liz Skinner
With the IRS now saying that thieves actually breached 334,000 taxpayer accounts, not 100,000 as the agency stated in May, client concerns about their financial information being compromised could be reinvigorated. The Internal Revenue Service announced the new figure Monday, saying that it’s unclear whether information was actually stolen from each person. Everyone whose account was hacked will receive a letter from the IRS in the coming days.