The Department of Labor Fiduciary Rule is a Rule, created by the Obama DOL, that is scheduled to be phased in April 10, 2017 – Jan. 1, 2018. In simple terms, it expands the “investment advice fiduciary” definition under the Employee Retirement Income Security Act of 1974 (ERISA) to ensure financial advisors are NOT acting unethically to pad their pockets while picking yours. Basically, the DOL’s definition of a fiduciary demands that advisors act in the best interests of their clients, and to put their clients’ interests above their own. It leaves no room for advisors to conceal any potential conflict of interest, and states that all fees and commissions must be clearly disclosed in dollar form to clients. Read more about what it does HERE.
This morning, the president basically “permanently” delayed any implementation of the Democrat’s “deeply flawed rule” designed to protect investors from predatory advisors.
Speaker Ryan’s Statement on President Trump’s Executive Action on the Fiduciary Rule
“President Trump’s action to delay the Obama administration’s fiduciary rule for further study is a wise one. This regulation is deeply flawed. It would significantly raise the cost of seeking financial advice, making it even harder for families to plan their future and save for retirement. It is essentially Obamacare for financial planning. Now we have the chance to study any unintended consequences before it is too late. In today’s economy, people’s access to sound financial advice must be protected.”
Hello? Has he even read the rule? I guess they represent the banks and financial interests. They’re certainly doing everything possible to screw their citizen constituents.