Retirement advisors are less than confident about exactly how to be compliant during the transition period for the Department of Labor’s fiduciary rule—and even though full implementation of the rule has been delayed, there are still actions they need to take.

Financial Advisor IQ reports that some advisors are receiving different, and sometimes conflicting, advice from different lawyers. The rule requires advisors to inform investors of any potential conflicts of interest and have their clients sign a Best Interest Contract Exemption document if the advisors receive variable compensation for providing retirement advice.

But until the rule is fully implemented on July 1, 2019 (barring any changes to that date following a DOL review of the rule), advisors have other responsibilities. During the transition period, according to the report, retirement advisors who expect to make use of the BICE are required to comply only with so-called Impartial Conduct Standards (ICS). Those specify that BICE users must “adhere to basic fiduciary norms and standards of fair dealing.”

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