How the IPA’s “Four Horsemen” helped influence Labor’s fiduciary rule

The Investment Program Association formed a Fiduciary Task Force, nicknamed the “Four Horsemen,” that participated in meetings and wrote comment letters to educate lawmakers and officials about the industry and its concerns over the Labor Department’s fiduciary rule. As a result of the the IPA’s efforts, some of its biggest concerns were addressed in the final version of the rule.
The task force was composed of Keith Allaire, managing director with Robert A. Stanger & Co.; Mark Goldberg, president and investment management chairman of Carey Financial; Nathan Headrick, managing partner of Triloma; and Wayne Souza, general counsel and an executive vice president of the Walton Group.
Goldberg, Headrick and Souza spoke with SmartBrief during the Investment Management Program’s 2016 Executive Leadership Summit, held in Washington, D.C., on Tuesday.
How the Fiduciary Task Force began
Headrick: We were all involved in really getting the advocacy wing of the IPA started about four years ago. Around that same time is when [the Financial Industry Regulatory Authority’s Regulatory Notice] 11-44 came out, and then we were also on a little subcommittee that worked with FINRA to make some rather important improvements to that rule before it came up in final form. And so we had a little connection there that led to us working together in that same subcommittee format, if you will, on the DOL issue. So we’ve got a little bit of history. …
The first …