CHICAGO – Do you live in a fiduciary state?
The question could become important if the financial services industry wins its high-stakes legal and political battles to dismantle the federal fiduciary rule governing advice to retirement investors.
The U.S. Department of Labor (DoL) rule requires financial advisers to act in the best interest of clients when advising on investments in retirement accounts. The rule pushes the market toward investor-friendly solutions such as low-cost index funds and unbiased fee-only advice. It discourages under-performing, high-cost products such as actively managed mutual funds and variable annuities.
But the future of the rule is uncertain. President Donald Trump ordered DoL to conduct a new analysis of the rule aimed at revising or repealing it. In March, the U.S. Court of Appeals for the 5th Circuit in New Orleans voted to overturn the DoL rule, and some experts expect its future could be decided by the U.S. Supreme Court. Meanwhile, The U.S. Securities and Exchange Commission is moving forward on a fiduciary rule affecting broker-dealers, and it is expected to be unveiled as early as this summer.
The turmoil is prompting some states controlled by Democrats to enact fiduciary rules of their own. Nevada lawmakers approved a law last July that extends an existing fiduciary law to include not only financial planners but stockbrokers and other commission-based investment representatives. Advisers also must disclose profits or commissions they earn on client investments.
Chinas Lisu Aim To Save Crossbow Culture
LUSHUI, China – Deep inside mountains along the China-Myanmar border, a 26-year-old ethnic Lisu villager, surnamed Zhang, sharpens his crossbow arrows to prepare for a hunt.
For Zhang and many other Lisu, a mostly Christian minority who inhabit the border region, the crossbow is an indispensable part of their culture dating back to 200 BC.
In a country that often bans the sale of kitchen knives during political summits, it’s still normal to see ethnic Lisu openly carrying the weapon in public.
Despite a decades-old hunting ban, law enforcement remains lax and Zhang and his friends still hunt birds and rodents for sport. Before the ban, Lisu hunters traditionally went for larger game such as bears and wild boar.
Modiglianis Largest Nude To Go Under Hammer Seen At 150 Million
HONG KONG – A painting of a reclining nude by Italian artist Amedeo Modigliani is set to go under the hammer in New York on May 14 with a record sale estimate of $150 million, auction house Sotheby’s announced on Tuesday.
“Nu couché (sur le côté gauche)”, or Reclining Nude (on the left side) shows the entire figure of a woman lying on white sheets, looking casually behind her back and fixing her gaze directly at the viewer.
Painted in 1917, shortly before the artist’s death at the age of 35, the painting of the woman, believed to be a professional model, is the largest in his body of work and described as his “most ambitious.”
Gospel Choir To Sing At Wedding Of Uk Prince Harry And Meghan Markle
LONDON – A Christian gospel choir and a teenage cellist will provide some of the music at the wedding of Britain’s Prince Harry and his American fiancee Meghan Markle next month, Kensington Palace said on Tuesday.
Harry, 33, and Markle, 36, will tie the knot at St George’s Chapel at Windsor Castle on May 19, with a reception at Queen Elizabeth’s home west of London afterwards.
“Both Prince Harry and Ms Markle have taken a great deal of interest and care in choosing the music for their service, which will include a number of well-known hymns and choral works,” Kensington Palace said in a statement.
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