Asset managers, broker dealers, record keepers, insurers, andemployers will be impacted in different ways under the Labor Department’s fiduciary rule, but thestakeholders almost uniformly agree that its implementation shouldbe further delayed.

In comment letters solicited by the agency, BlackRock, WellsFargo, Empower Retirement, the Insured Retirement Institute, andthe Spark Institute were among the stakeholders that argue the ruleshould not take effect until Labor completes the economic and legalanalysis of the rule ordered by President Trump.

The 60-day delay recently issued by the Department pushed therule’s first implementation date to June 9, 2017, when advisorswill have to comply with an impartial conduct standard whenadvising on IRAs and 401(k) plans.

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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.