What Does the Future Hold for the Fiduciary Rule?

The U.S. Labor Department’s so-called fiduciary rule, proposed during the Obama administration, would change the status of some financial professionals under the Employee Retirement Income Security Act (ERISA). It was originally supposed to be implemented in phases earlier this year but ran into delays and reviews. Now, Rep. Ann Wagner, a Republican from Missouri, has introduced a bill that would make some changes to the latest ruling, including giving the Securities and Exchange Commission the lead on fiduciary regulation, in place of the DOL. “The fiduciary rule in its current form renders all investment professionals who work with retirement plans or advise retirement plans [as] fiduciaries under the ERISA definition,” says Raphael Katz, a partner at the law firm Sadowski Katz. This results in a strict standard against self-dealing, he says — but that could change. Here’s what you need to know. The Proposed Change Wagner and financial industry proponents …

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How to Promote a Culture of Healthy Feedback

Feedback is a must to ensure projects stay on topic and teams work well together. An organization that isn’t good at giving feedback to employees often will have people or departments working at cross purposes. A culture of feedback enables organizations to work together more effectively. For most companies, the change doesn’t happen overnight, says Chris Collins, director of Cornell University’s Center for Advanced Human Resource Studies and associate professor of the ILR School’s HR studies department. “People underestimate how long it takes managers to become good at giving feedback, and how long it takes people to understand that it’s now part of the culture. It can be years, not weeks or months. But once you’ve got leaders giving feedback regularly and effectively, and as people who have gotten feedback become managers and leaders, it becomes a part of the culture.” This white paper will offer some steps organizations should …

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