Breaking News5th Circuit Court of Appeals kills fiduciary rule


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In early February the DOL announced the guidelines for its new fee disclosure rule. Sadly, the DOL (again) pushed back the implementation date three months to July 1. It’s sad for two reasons. First, it only delays the inevitable and perhaps hurts investors. Second, it now precludes the delicious irony of exposing once hidden fees on April Fools’ Day and, given the conflict-of-interest ramifications of revenue sharing, the opportunity to mention “a fool and his money are soon parted.”

Christopher Carosa

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