With full implementation scheduled for July 2019, figuring out how to deal with the fiduciary rule is the top priority for many firms and advisors. Here’s how you turn this regulatory bombshell to your advantage.
Differing definitions only add to the uncertainty and anxiety surrounding the debate over the Fiduciary Rule. Regulators need to put forward a unified definition of the fiduciary duty so that investors and advisors can have a fully informed debate on the matter.
Despite the lack of regulatory guidance for fulfillment of the Duty of Care, there is plenty of common-sense guidance from thought leaders. They all agree that research that fulfills the Duty of Care should be comprehensive, objective, transparent, and relevant.
Without the Duty of Care, the Duty of Loyalty is nearly worthless. An advisor that tries to act in your best interest, but doesn’t have the skill or diligence to do so can cause just as much harm as a conflicted advisor.
We welcome the SEC’s request for comment on the fiduciary rule and hope to see both the SEC and DoL work together to refine the fiduciary rule in a way that improves access to high-quality advice for all investors.
After months of delay, the Department of Labor’s fiduciary rule will finally go into effect on June 9. Labor Secretary Alexander Acosta confirmed the rule’s implementation on Monday in a Wall Street Journal op-ed.
Despite over 92% of the 193,000 comment letters opposing delay, the Department of Labor’s Fiduciary Rule has been officially delayed until June 9. No matter the legalities, investor awareness is higher.