Asset managers, broker dealers, record keepers, insurers, and employers will be impacted in different ways under the Labor Department’s fiduciary rule, but the stakeholders almost uniformly agree that its implementation should be further delayed.
In comment letters solicited by the agency, BlackRock, Wells Fargo, Empower Retirement, the Insured Retirement Institute, and the Spark Institute were among the stakeholders that argue the rule should not take effect until Labor completes the economic and legal analysis of the rule ordered by President Trump.
The 60-day delay recently issued by the Department pushed the rule’s first implementation date to June 9, 2017, when advisors will have to comply with an impartial conduct standard when advising on IRAs and 401(k) plans.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
