The Labor Department’s decision to delay the fiduciary rule’s original April 10 implementation date by 60 days gives the financial services industry considerable short-term relief, according to industry insiders.
Beginning June 9, 2017, industry will have to comply with the rule’s impartial conduct standards, which requires that advice must be in retirement investors’ best interest, compensation must be reasonable, and prohibits institutions and advisors from giving misleading statements to investors.
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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.
