DOL Fiduciary Rule and the Proposed Delay
The U.S. Department of Labor (DOL) is set today, March 17th, to push the proposed delay to the Fiduciary and Conflicts of Interest Rule on the Federal Register. The delay would push the applicability date to June 9, 2017, creating a 60-day delay. This is significantly less than what many industry professionals speculated after President Trump’s memorandum on Feb. 3, 2017.
As the Fiduciary Rule continues to evolve, it is important to note that some aspects of the rule have already been implemented naturally by the marketplace. Many firms have already created policies to help aleviate conflicts in their business, and to create an environment best suited for their clients. Because of the impending rule change, some advisors have already begun to modify their business models to adhere to the new rules.
Whether the rule eventually is applied in its exact form or not, it seems to be inevitable that there will be changes, and how the rule is executed could ultimately change the distribution of retirement products forever. Because of this, it's important that all of us in the financial services industry stay on top of and engaged with government representatives to help shape the DOL rule.
Combined Benefits United continues to prepare for the Fiduciary and Conflicts of Interest Rule. As we get closer to a final outcome, we will work with our independent agents to make sure they have an avenue to continue to best help their clients while creating the least amount of disruption to their business.
You can read the full document at federalregister.gov.