On April 5, 2017, the Department of Labor issued a 60-day delay of the Fiduciary Rule’s applicability date to June 9, 2017. This extension applies to related exemptions as well, including the Best Interest Contract Exemption. The Department of Labor will use this time to examine issues raised in President Trump’s February 3rd memorandum, including potential adverse effects from the rule for Americans attempting to gain financial advice. In order to support their evaluation, the Department of Labor has requested comments from the public that include data, information and analyses relating to this rule and its impact.
WHAT DOES THIS MEAN FOR ME?
Registered investment advisers should pay close attention to potential revisions to this rule over the next few months. Fairview will continue to update clients as new information is made available and will help clients with preparing for the Fiduciary Rule if necessary.