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Fiduciary Rule Delayed

In response to President Trump’s February 3 memorandum requesting that the DOL explore whether or not the Fiduciary Rule would hinder Americans from receiving retirement information and investment advice, the DOL has announced a delay of implementation of the rule and exemptions by 60 days. Although the case, the DOL has said that advisors should still plan on compliance with the Best Interest Contract (BIC) exemption and other requirements scheduled for a January 1, 2018 effective date. The DOL allowed a comment period through April 17th, encouraging the retirement and financial planning industries to comment on the issues addressed within the Trump memo. Both the Financial Services Institute (FSI) and the Insured Retirement Institute (IRI) commended the decision to delay.

www.planadviser.com; April 5, 2017.