Ameriprise Cuts Offerings Ahead of DOL Rule
June 7, 2017 | Financial Advisor IQ
Ameriprise is joining its brokerage rivals in reducing the number of funds available on its platform ahead of the Department of Labor’s fiduciary rule, InvestmentNews reports.
The firm told its advisors this week that it’s eliminating more than 1,500 mutual funds, closed-end funds, exchange traded funds and exchange traded notes, according to a list seen by InvestmentNews. The funds were selected based on considerations of cost, the size of the assets or their performance, the publication writes. Ameriprise’s advisors will still be able to offer more than 2,000 funds, InvestmentNews writes.
Ameriprise is the latest brokerage to revamp its product line ahead of Friday’s partial implementation of the DOL’s fiduciary rule, which requires advisors on retirement accounts to put clients’ interests first. LPL Financial announced last week that it’s restricting no-load mutual funds in brokerage accounts with the aim of better standardization of compensation.
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