The Department of Labor Fiduciary Rule has NOT been Delayed
Late Friday afternoon people began to report that President Trump had signed an Executive Order that delayed the DOL Fiduciary Rule. This news was provided by reliable sources, including industry advocacy groups and circulated quickly. While President Trump put his signature on a document Friday, it was not the Executive Order that many speculated and later reports indicated that the President signed a Presidential Memorandum “directing the Labor secretary to undertake a new “economic and legal analysis” to evaluate whether the looming applicability date of the fiduciary rule has harmed investors through to a reduction of Americans’ access to retirement products and advice, whether it has resulted in dislocations of the retirement services industry (that may adversely affect investors), or whether the rule is likely to cause an increase in litigation and the prices that investors must pay to gain access to retirement services.”
In short, and as it stands today, the DOL Fiduciary Rule is still scheduled to go into affect as planned beginning on April 10, 2017. CLICK HERE for more details and an article released yesterday.
Although the future of the DOL rule is still uncertain, we can be certain that change is occurring in our industry and insurance will become more important to financial advisors going forward.
For more information about the DOL Fiduciary Rule visit www.aimcorgroup.com/dol