At Arnerich Massena, we are proud that we have always been ahead of the curve on this issue. We’ve expressly acknowledged our fiduciary status and have offered independent, unbiased advice to retirement plans since our inception. Regardless of the outcome of the rule’s delay, we will continue to embrace our fiduciary status and work in the best interest of Arnerich Massena clients and our clients’ retirement plan participants.
On Monday, the Department of Labor (DOL) announced an additional 18-month extension for several key provisions of its fiduciary rule. Full implementation of this rule has been delayed several times since it was adopted in 2016.
The DOL said that it needs the 18-month extension to review several important aspects of the regulation, including the best interest contract exemption and prohibited transaction exemption, and to coordinate with the SEC and state regulators to set investment advice standards. The DOL believes this additional delay is necessary in order to comply with President Trump’s February request for a comprehensive analysis of the rule and its impacts.
A partial implementation of the fiduciary rule, which requires financial advisors to act in their clients’ best interest, for reasonable compensation, and without making misleading statements, took effect on June 9, 2017. This remainder of the rule is now scheduled to become effective on July 1, 2019. Read the full announcement here: