A common stereotype often pointed to is that those of us who work in the financial services industry have been fighting the Department of Labor’s long-awaited and much discussed fiduciary rule tooth and nail since its outset. On Friday, President Trump signed an executive order halting the enforcement of this rule.
As an adviser who has acted in a fiduciary capacity for upwards of 10 years, I can say with confidence that the bulk of advisers who work with retirement plan investors embrace the fiduciary rule — that was originally set to take effect April 10 — and believe that to best serve clients, we must act in their best interest. With that said, this stoppage does not necessarily mean the fiduciary rule will cease to exist. Advisory firms, broker-dealers and other financial professionals have been in the process of updating their procedures and services to guarantee compliance with the fiduciary rule.
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