The dinner at The City Tavern in the Historic District ofPhiladelphia was excellent, but that’s all I can tell you.

|

Read: A fiduciary rule only a class-action attorneycould love

|

Actually, I was allowed to report on the prepared remarks, andyou can read them here: “Bogle: ‘New Fiduciary Rule is Just theBeginning’,” (FiduciaryNews.com, May 24, 2016). It wasthe juicy tidbits during dinner, though, that provided theevening’s most interesting fare.

|

But I can’t tell you about that.

|

Read: Give the DOL an 'A' foreffort

|

I can’t tell you about the chance meeting with Meryl Streep.

|

I can’t tell you about the insightful question I asked. I can’ttell you the compelling answer.

|

That’s the dilemma of “off the record.” “Off the record” isgreat for journalists. We get to learn a lot about how the sausageis made. “Off the record” is not so great for the reader. It’sprobably one of the reasons so many people hate reporters.

|

So, here’s what I can tell you. Phyllis Borzi answered thequestion the next day on the record in front of a live (andlive-stream) audience. In case you missed it, the story startshere…

|

Every Monday I send out a newsletter to allFiduciaryNews.com subscribers highlighting the “TrendingTopics” found in the previous week’s news stories. Based on acouple of articles, this week I posed the question “Is this the endof the Fiduciary Era?” You’d be surprised whoread it. I know I was.

|

The newsletter generated several emails of concern.

|

|

Apparently, folks didn’t like the idea some of the targets ofthe DOL’s new fiduciary rule might have uncovered a way to complywith the letter of the rule while ignoring the spirit of the rule.(If you don’t think this is plausible, remember the DOL’s 2012 Fee Disclosure Rule where some service providers“complied” with the Rule by “disclosing” their fee via a printedURL somewhere on page 54 of a 99-page document.)

|

The truth is, there have been articles reporting this regardingthe fiduciary rule.

|

On the record, before an assembly of fiduciary advocates on theoccasion of the launch of the Institute for the FiduciaryStandard’s “Campaign for Investors,” Phyllis Borzi answered theobvious question. Yes, the DOL is aware of this possible strategyamong certain players of the industry.

|

She said firms had two teams. The first sought ways to defeatthe rule. The second was tasked with the job of discovering thebest way to “comply” (in the 2012 Fee Disclosure manner) with therule.

|

Rest assured, the DOL is on it.

|

There, you didn’t miss anything.

|

Except a superb Early American dinner.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.