Welcome to the first Fiduciary Links of 2013! We hope all of our readers enjoyed the holidays and are looking forward to another great year on the fi360 Blog.
>>>> The big news today on a short week is, of course, the deal reached to avert the Fiscal Cliff. Late last night, The American Taxpayer Relief Act of 2012 was finally passed by both the Senate and House. The move resolves much of the uncertainty regarding what the tax rates will look like for the coming year. The White House site has both a write up of the deal, as well as a fact sheet summarizing many of the details. Retirement plans figured prominently in the deal, which includes a provision to allow traditional 401(k) plans to be more easily converted into a Roth plan. In September, fi360 conducted a webinar on the Fiscal Cliff and what it means for advisors, a recording of which is available on our website.
>>>>The SEC made final its rule to extend the temporary principal trading rule for an additional two years. The rule permits broker-dealer representatives to conduct principal trades with non-discretionary advisory clients under certain circumstances. Fi360 had submitted comment to the SEC in opposition of the rule extension and was, in fact, the only commenter to be in opposition to the rule. Please read InvestmentNews’s coverage for more details.