We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (21,155)
  • Industry Conferences (2)
  • Industry Job Openings (35)
  • Moore on the Market (414)
  • Negative Media (144)
  • Positive Media (73)
  • Sheryl's Articles (800)
  • Wink's Articles (353)
  • Wink's Inside Story (274)
  • Wink's Press Releases (123)
  • Blog Archives

  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • September 2008
  • May 2008
  • February 2008
  • August 2006
  • Texas Judge Restricts Amicus Briefs in DOL ‘Fiduciary Rule’ Case

    September 2, 2016 by Melanie Waddell

    The federal judge overseeing the case in Texas against the U.S. Labor Department’s fiduciary rule on Wednesday denied considering all but two of the eight amicus briefs filed in the court, allowing only submissions from the Financial Planning Coalition and the American Association for Justice.

    In rendering her decision, U.S. District Judge Barbara M.G. Lynn stated that the Coalition’s motion should be granted because its proposed brief “provides a unique perspective” as the only filing party “representative of financial professionals in the United States already operating under a fiduciary standard.”

    The Coalition is comprised of the Financial Planning Association, the Certified Financial Planner Board of Standards and the National Association of Personal Financial Advisors. The “Coalition’s brief does not repeat arguments made by either party,” Lynn said.  

    The AAJ motion should be granted, Lynn said, because AAJ’s brief “focuses on a narrow legal issue related to the Federal Arbitration Act” and also “does not repeat arguments made by other parties.”

    Lynn has set a Nov. 17 date to hear oral arguments from both sides in the case brought in Texas by nine groups, including the Financial Services Institute and the U.S. Chamber of Commerce.

    The groups are represented by former DOL solicitor Eugene Scalia, a partner in Gibson, Dunn & Crutcher’s Washington office and a son of deceased U.S. Supreme Court Justice Antonin Scalia.

    In its 22-page brief, the Coalition, backing the Labor Department, argues the claim that fiduciary rule “will force financial professionals exclusively to use fee-based compensation models that will close off middle-income investors from obtaining professional financial guidance” is “doubly wrong.”

    “Commission-based compensation will survive, and financial professionals will continue to serve middle-income investors using all types of existing compensation models and other innovative methods,” the Coalition said.

    The Coalition also wrote: “the court need not wonder about the accuracy of plaintiffs’ predictions, for we already know what happens when financial professionals operate under a fiduciary standard of conduct: They continue providing financial advice to U.S. investors of all income levels, but now do so in those investors’ best interests.”

    The Labor Department, via its fiduciary rule, has “created a regulatory framework that both protects consumers and gives financial advisors the flexibility to provide much-needed financial advice consistent with a wide range of business models,” the Coalition said. “Plaintiffs cannot credibly insist that they support a ‘best interest’ standard while challenging a reasonable implementation of that very standard.”

    Julie Braman Kane, AAJ’s president, told ThinkAdvisor in a Wednesday email that AAJ’s brief “makes clear that the Federal Arbitration Act should not stand in the way of the Department of Labor’s ability to regulate forced arbitration to protect investors.”

    The FAA, Braman Kane said, “does not grant financial advisors a right to force arbitration on investors in all circumstances. Instead, the Supreme Court has made clear that federal agencies, acting under the authority granted to them by Congress, can regulate arbitration procedures to protect statutory rights. When it comes to protections guaranteed by Congress, arbitration is not supposed to be a get-out-of-jail-free card.”

    The first oral arguments in the string of lawsuits filed against DOL’s fiduciary rule were heard on Aug. 25 by U.S. District Judge Randolph Moss in Washington in the case brought by the National Association for Fixed Annuities.

    NAFA lawyers told Moss that individual insurance agents would be forced to become registered investment advisors under DOL’s fiduciary rule and that the current distribution system for fixed indexed annuities would have to be reworked. 

    Click HERE to view the original article .

    Originally Posted at National Law Journal on August31, 2016 by Melanie Waddell.

    Categories: Industry Articles
    currency