As you may have heard by now, last week the Department of Labor (DOL) officially delayed the new Fiduciary Regulations from April 10, 2017 to June 9, 2017.
The proposal was delayed for several reasons:
· It will give the DOL more time to complete a mandated study of the proposed rule and will announce what actions, if any, will be taken as a result, no later than January 1, 2018.
· It eliminates the need for any transition agreements and disclosures that were required. The DOL stated that pushing back the Impartial Conduct Standards provides significant protection to retirement plans and retirement investors.
This delay is in response to President Trump’s directive to reassess the rule to determine if it limits investors’ access to financial advice or causes an increased potential of litigation for firms. As the DOL conducts its review, further delay may be expected. Read the official press release here.
We will send out additional updates as more information becomes available. Should you have any questions, please don’t hesitate to contact us.