The re-release of the Department of Labor's fiduciary rules will be delayed until August so that Labor Secretary Thomas Perez can work closely with both sides of the political aisle to come up with new fiduciary rules to govern the financial advisors who work within the retirement space. The original release date for the rules was in the spring.
The department announced the delay late last month. The sticking point on the fiduciary rules is that, for the first time, brokers who sell IRAs would have to follow the same investment advice standards as registered investment advisors.
Industry insiders have argued that making brokers follow the same rules would increase their regulatory costs and drive these individuals out of the business of serving individuals with low- to moderate retirement assets.
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