Join this upcoming 30-min webinar hosted by the Fidelity Government Relations & Public Policy Team on April 10^th.   Click this link to learn more and sign up.

Final DOL Fiduciary Rule–On Its Way, Topic on “Policy in 30”
Wednesday, April 10^th
2:00pm – 2:30pm ET
Policy in 30 Webinar: Road Ahead for Public Policy and the Markets
Click here to register

From Fidelity:
Final DOL Fiduciary Rule–On Its Way

Is your firm ready?
On October 31, 2023, the Department of Labor (DOL) released a new fiduciary advice proposal: Retirement Security Rule: Definition of an Investment Advice Fiduciary (“Fiduciary Rule Proposal”). The Fiduciary Rule Proposal includes an updated definition of who is considered an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA). The proposal expands the scope of activities that are considered investment advice and therefore subject to a fiduciary standard. This proposed rule and definition of who is a fiduciary will apply to those who provide investment recommendations to qualified plans, IRAs, and HSAs. On March 8, 2024 the DOL submitted its final rule to the Office of Management and Budget (“OMB”). This means following review and the opportunity for interested parties to meet with the OMB, the new Fiduciary Rule is likely to be published and final within the next few months.

What does this mean for your firm?
The Fiduciary Rule Proposal would expand the coverage of interactions considered investment advice and, as a result, subject to the new fiduciary standard. This may have a significant impact on your dealing with retirement investors, including interacting with those prospects and customers who have IRA accounts or those who you are advising whether or not to roll assets into an IRA account. This could also potentially expose firms to a new or additional regulator, the DOL, which has the oversight over fiduciaries that make recommendations covered under the Fiduciary Advice Proposal (e.g., registered investment advisors may become a “fiduciary” under ERISA and subject to DOL regulation in addition to SEC oversight). The DOL’s stated goal of the Fiduciary Rule Proposal is “protect retirement security,” and one of the new areas where it would do so is by covering advice to roll assets out of an employer-sponsored plan to an IRA.

Areas of focus included in the Fiduciary Rule Proposal that may be part of the final Fiduciary Rule include annuity recommendations, IRA rollovers and transfers, and product investment recommendations.

Next Steps
There is still quite a bit unknown in regards to what will be included in the final Fiduciary Rule and how the industry and public will react. Firms should review current policies and procedures to be ready in the event changes are needed to impacted services.

On April 10, the Fidelity Government Relations & Public Policy Team will be hosting a Policy in 30 Webinar where the upcoming Fiduciary rule will be a topic. Click this link to learn more and sign up.

Fidelity is committed to supporting your business and helping you navigate the current and complex regulatory landscape as it continues to change. Once the final Fiduciary Rule is published, Fidelity will provide additional communication regarding webinars and other educational materials. Please contact your relationship manager to learn more.

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Equity Services, Inc. (ESI) recently wrapped up its highly anticipated second annual Business Development Conference (BDC) in Alexandria, Virginia. The conference kicked off on Sunday, March 17^th with a festive Irish-themed welcome reception bringing in 92 Reps who are eager to elevate their business practices and strategies. Impressively, approximately 20% of these attendees were returning participants from the inaugural BDC just 6 months prior.

The value is clear: BDC drives GDC.

Returning attendees have seen their average monthly Gross Dealer Concessions (GDC) rise on average by 7% since participating in BDC. Notably, the top 20 saw a remarkable 7.5-fold surge in GDC, while the top 30 and top 40 increased GDC by 63% and 28%, respectively. These growth figures underscore the efficacy of purposeful development and intentional partnerships, both cornerstones of BDC, in fostering tangible results for attendees.

Themed Team Up for Success, this year’s conference emphasized the significance of collaboration and strategic alliances in driving business growth and triumph. Attendees were treated to a comprehensive agenda featuring main stage keynotes and breakout workshops covering a diverse range of topics including practice management, technology integration, marketing strategies, forging strategic partnerships, market insights and more.

Of course, none of this would be possible without the enthusiasm and engagement from our attendees as well as the generous support from our Partners. As ESI continues to refine and expand its conference offerings, anticipation for even greater success in the future remains high. Be on the lookout for details on BDC 2025 later this year.

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Upcoming Fidelity Webinars:

Fixed Income 2024: Navigating the Bond Market
Tuesday, April 2^nd
4:00pm ET
Click here to Register

Final DOL Fiduciary Rule–On Its Way, Topic on “Policy in 30”
Wednesday, April 10^th
2:00pm – 2:30pm ET
Policy in 30 Webinar: Road Ahead for Public Policy and the Markets
Click here to register

Read more about each webinar below.

From Fidelity:
Fixed Income 2024: Navigating the Bond Market
In the past few years, yields have risen, reshaping the fixed income landscape. Join fixed income portfolio managers Ford O’Neil and Celso Muñoz for a moderated discussion around how they are navigating bond market opportunities. Please come prepared with questions to participate in this engaging discussion. We hope to see you there!

Featured Fidelity experts will cover:

• Why Fidelity believes fixed income may be better positioned to provide diversification, and income than it has been in recent history
• The broad range of potential outcomes for 2024, including thoughts on inflation, the Fed’s path forward on rates, and probability of a recession
• How Fidelity’s fixed income portfolio managers are uncovering opportunities, including the team’s latest thinking on portfolio positioning and sectors they like

Speakers: Nils Bierkamp, PhD, Vice President, Fixed Income Strategist, Fidelity Investments; Celso Muñoz, Portfolio Manager, Fidelity Investments; Ford O’Neil, Portfolio Manager, Fidelity Investments
———————————-

From Fidelity:
Final DOL Fiduciary Rule–On Its Way

Is your firm ready?
On October 31, 2023, the Department of Labor (DOL) released a new fiduciary advice proposal: Retirement Security Rule: Definition of an Investment Advice Fiduciary (“Fiduciary Rule Proposal”). The Fiduciary Rule Proposal includes an updated definition of who is considered an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA). The proposal expands the scope of activities that are considered investment advice and therefore subject to a fiduciary standard. This proposed rule and definition of who is a fiduciary will apply to those who provide investment recommendations to qualified plans, IRAs, and HSAs. On March 8, 2024 the DOL submitted its final rule to the Office of Management and Budget (“OMB”). This means following review and the opportunity for interested parties to meet with the OMB, the new Fiduciary Rule is likely to be published and final within the next few months.

What does this mean for your firm?
The Fiduciary Rule Proposal would expand the coverage of interactions considered investment advice and, as a result, subject to the new fiduciary standard. This may have a significant impact on your dealing with retirement investors, including interacting with those prospects and customers who have IRA accounts or those who you are advising whether or not to roll assets into an IRA account. This could also potentially expose firms to a new or additional regulator, the DOL, which has the oversight over fiduciaries that make recommendations covered under the Fiduciary Advice Proposal (e.g., registered investment advisors may become a “fiduciary” under ERISA and subject to DOL regulation in addition to SEC oversight). The DOL’s stated goal of the Fiduciary Rule Proposal is “protect retirement security,” and one of the new areas where it would do so is by covering advice to roll assets out of an employer-sponsored plan to an IRA.

Areas of focus included in the Fiduciary Rule Proposal that may be part of the final Fiduciary Rule include annuity recommendations, IRA rollovers and transfers, and product investment recommendations.

Next Steps
There is still quite a bit unknown in regards to what will be included in the final Fiduciary Rule and how the industry and public will react. Firms should review current policies and procedures to be ready in the event changes are needed to impacted services.

On April 10, the Fidelity Government Relations & Public Policy Team will be hosting a Policy in 30 Webinar where the upcoming Fiduciary rule will be a topic. Click this link to learn more and sign up.

Fidelity is committed to supporting your business and helping you navigate the current and complex regulatory landscape as it continues to change. Once the final Fiduciary Rule is published, Fidelity will provide additional communication regarding webinars and other educational materials. Please contact your relationship manager to learn more.

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Please note the following closures/limited hours on Friday, March 29^th (Good Friday holiday):

• All NYSE markets will be closed. Check with individual partners for their hours.
• ESI will be closing at noon ET.

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Congratulations to everyone who met ESI Elite Symposium qualifications in 2023! We’re looking forward to seeing our ’23 qualifiers in Nashville in June!

This year’s conference will be held at the esteemed Four Seasons Hotel Nashville from June 24-28, 2024.

A gathering that promises a blend of professional development and enjoyment, Elite Symposium will feature ample networking opportunities and informative sessions focused on practice management, sales, and marketing. Attendees will have the chance to engage with dynamite speakers and meet with ESI’s Strategic & Technology Partners, all while experiencing the vibrant atmosphere of Nashville. Watch our Nashville promo here.

Alan Fishman
Alex Wolodkiewicz
Bert Livingston
Billy D’Angelo
Bob Mcintosh
Brian Vieselmeyer
Carey Yukich
Chris Huchro
Chuck Creighton
Conor Boyd
Dan Streeter
Dan Wolodkiewicz
Dave Critelli
Dean Diamond
Dom Citera
Don Reutemann
Ed Degeneffe
Ed Zabielski
Gary Liskow
James Mcateer
James Muro
Jay Maffe
Jeffrey Friedrich
Jerry Pasichow
Jim Handy
Justin Paine
Kyle Voiland
Maria Conlon
Mark Vosk
Marty Olson
Michelle Lawrence
Mike Castillo
Mike Kelen
Mike Marino
Nick Pontilena
Nico Riverso
Oren Sher
Patrick Stephens
Paul Sortino
Peter MacKenzie
Randy Raner
Rich Kelly
Rod Hurowitz
Ryan Moratti
Sam Maruca
Scott Levin
Scott Maitland
Spencer Bateman
Steve Simon
Travis Ramsdell
Tyler Degeneffe
W.M. Nzambi

We’re looking forward to seeing our ’23 qualifiers in Nashville in June!

Looking for Inspiration?
ESI’s Elite Symposium is our annual educational conference that provides the opportunity to network and share ideas with peers, hear from world class speakers and meet with ESI’s Strategic & Technology Partners.

During the afternoons, qualifiers enjoy free time to explore the resort and local sights. Evenings feature dinner events.

See what ESI has in store for 2025!

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From Maple Capital:

February Commentary
Read the full commentary.

Bond yields increased markedly in February due in part to the January inflation report which showed a higher increase than expected.  The closely-watched core services ex-shelter reading of 0.70% was the highest since September of 2022 and double the December result.

The strength of this report confirms the FOMC statement of January 31 which stated that the Fed does not see cuts until it is more confident that inflation is nearing 2%.  This statement was widely interpreted as hawkish and the January inflation report corroborated that interpretation.

The economic strength still evident across many indicators suggests the Fed is correct in pushing off the timing of the first rate cut.  The strong January labor report (353K jobs added) was accompanied by healthy revisions to the prior two months.  That said, the annual revisions embedded in the January nonfarm payroll report may still be distorted by the pandemic years, so the strength could be overstated.

Read the full commentary.

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Click Here to Read the 10th Edition of ESI Compliance Alliance

The ESI Compliance Alliance is a publication that summarizes industry news and/or regulatory events that may impact our business. The Compliance Alliance focuses on providing best practices and guidance that will help your business remain compliant with industry regulations. This publication is created by ESI Compliance with the intention of supplementing the ESI Written Supervisory Procedures.

Read Compliance Alliance

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Review these important Touchstone updates:

Touchstone Fund Name Change effective April 30, 2024, Touchstone International Equity Fund name change to: Touchstone International Value Fund
Touchstone International Fund Change In Investment Policy
Touchstone International Growth Fund Notice
Touchstone International Growth Fund Merger

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From Envestnet | PMC:
AB Large Cap Growth Watch List Addition
Michael Manning, CFA
Senior Investment Analyst, Envestnet | PMC

Summary

• Envestnet | PMC (“PMC”) is adding the AB US Large Cap Growth and the AB Large Cap Growth Fund to our Watch List. They will retain their current Approved-Qualitative research status with the Select attribute.
• PMC continues to have a very high opinion of the AB strategy and fund; however, the addition to our Watch List is due to the impending retirement of long time PM Frank Caruso. Mr. Caruso announced his retirement over a year ago, but it takes effect on March 31, 2024.
• John Fogarty and Vinay Thapar, currently Co-CIOs of AB’s US Large Cap Growth team, will assume joint leadership of the team and the portfolio upon Mr. Caruso’s retirement. They will also keep their titles as Co-CIOs. PMC has faith in their expertise and expect no disruptions amid this transition but will monitor near term.​​

Rationale

Mr. Fogarty and Mr. Thapur have worked closely with Mr. Caruso for over a decade. Both individuals were formally promoted to Co-CIOs on December 31, 2021, in recognition of their leadership roles and contributions to the team’s success. Since then, Mr. Caruso, Mr. Fogarty, and Mr. Thapur have been jointly responsible for all portfolio management, business, and team management decisions. Previously, both Mr. Fogarty and Mr. Thapur served as PMs and held analyst positions on the team earlier in their careers.

PMC has been aware of this eventuality for a while now, so Mr. Caruso’s retirement was not surprising when announced about a year ago. PMC is confident in Mr. Fogarty and Mr. Thapur’s long tenure on the team, their experience working with Mr. Caruso, their leadership qualities, and the depth and breadth of their expertise. Due to this mosaic, PMC expects a seamless transition. Additionally, AB has said there will be no changes to the investment process or philosophy, and we welcome Mr. Fogarty and Mr. Thapur’s continued leadership on the team and the portfolio.

While PMC does not expect any material impact on the investment process or performance due to this change, we find it prudent to place these products on Watch near term. PMC plans to monitor stock selection and performance when Mr. Caruso officially steps aside and will provide updates as necessary.

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Click Here to read the full notice.

Tax form status information and PDFs will be available for all accounts on the landing screen of the Wealthscape InvestorSM mobile app starting in January.

Users now have access to important tax form status information as well as PDF versions of their tax forms for all their accounts directly on the landing page of the Wealthscape InvestorSM mobile app.

• View estimated online activation dates for forms that are in progress
• Notification if forms are delayed due to pending securities information
• Informational message for De minimis tax forms
• View up to four years of tax forms on the landing screen
• Tax form information and PDFs will continue to be available for the past seven years in the Documents tab at the account level

Click Here to Read the Notice

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