As we get closer and closer to the April 2017 implementation delta of the Fiduciary Rule, you will hear more and more information about how broker dealers are going to deal with the new Fiduciary Rule.
Commonwealth Financial Network just announced that they will stop offering commissioned based products in IRAs and qualified plans. It’s no PR so earth shattering since they are home to many fee based advisors and less than 10% of Commonwealth’s revenue is derived from commissions on retirement accounts.
On the flip side, Ameriprise announced that they are going to stick with offering commissioned based products in IRAs and qualified plans,
Every broker dealer has different roles in the marketplace especially with their affiliates brokers, so their decision is likely to be what they think is best for their business model. As we get closer to April, we should hear more about who is doing what when it comes to comply with the rule.