The Department of Labor issued a temporary enforcement policy related to its fiduciary rule on Monday, in anticipation that the Fifth Circuit Court of Appeals would finalize its decision to vacate the rule. The department “will not pursue prohibited transactions claims against investment advice fiduciaries who are working diligently and in good faith to comply with the impartial conduct standards for transactions that would have been exempted in the BIC Exemption and Principal Transactions Exemption, or treat such fiduciaries as violating the applicable prohibited transaction rules,” the Field Assistance Bulletin said. ...
Schwab To Open "Accelerator Program" in Austin and San Francisco Charles Schwab plans to invest more in wealth technology and open up new office space in San Francisco and Austin for “Digital Accelerator teams,” the company announced. There will eventually be “hundreds of existing employees and new hires” as part of the effort, although the firm will be focused on finding the right office space through the third quarter of 2018. ... Black Diamond Rolls Out New Client Portal SS&C Technologies Holdings, which provides financial software and services, said Monday that its Black Diamond wealth management platform rolled out a new version of its client portal. The latest iteration, called Investor Experience, enables advisors to offer a personalized, custom-branded and interactive platform to clients. ...
