Independent registered advisory firms — fiduciaries before the Obama-era Labor Department expanded the definition of fiduciary advice — are predicted to see a surge in demand under the conflict-of-interest rule, according to most industry insiders and independent analysts.
While they won’t be exposed to the rule’s more onerous contractual requirements, RIAs are not completely off the hook in complying with rule, according to a client alert from attorneys at Drinker Biddle.
In fact, come 11:59 p.m. EDT this Friday, the end of day on June 9, when all regulated entities will have to begin operating under the rule’s impartial conduct standards, even advisors long beholden to a fiduciary standard will be affected.
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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.
