DOL fiduciary rule delay likely and death not out of the questionInvestmentNews
December 16, 2016
By Blaine F. Aikin
Post-election, the fate of the Department of Labor's fiduciary rule is in question. Confusion and speculation about how, when and if the rule will move forward threaten to distract firms from planning and preparing for its scheduled implementation in April.
While President-elect Trump has not stated a position on the rule, he has been vocal about his general intention to drastically reduce government regulation, and at least one of his advisers has confidently stated the fiduciary rule will be “repealed.”
If the rule is going to be reversed, it would certainly be reasonable for firms to revisit decisions made based upon entirely different assumptions. But as Mark Twain famously declared, "It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so.”
All we know for certain is this: As of today, the compliance date for most of the DOL's rule is April 10, 2017, followed by the remaining requirements for two of the prohibited transaction exemptions on Jan. 1, 2018. That fact is the best starting point from which to consider alternative scenarios. Read More.