(Bloomberg) -- Companies with exposure to the fiduciary rule, including Stifel FinancialCorp., LPL Financial Holdings Inc. and Primerica Inc., fell afterLabor Secretary Alexander Acosta wrote a WallStreet Journal op-ed saying the measure will take effect June 9with no further delay.
Analysts said that’s a blow to broker-dealers, asset managersand insurers, which had been lobbying Acosta and the White House to keepdelaying the rule while rewriting it. Now the industry will have toabsorb the heightened arbitration and legal risk it had hoped toavoid after President Donald Trump’s election in November, CapitalAlpha Partner’s Charles Gabriel wrote in a note.
Stifel closed down 1.1 percent in New York, while Primericadropped 4.3 percent and LPL fell 1.7 percent.
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