Quote:Among Trump’s first acts as president Friday may be an order to federal agencies to temporarily cease ongoing rule-making initiatives, these people said. That would mirror steps taken by previous presidents entering the White House as one from the opposing political party leaves.
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A top target: new rules shaking up the multitrillion-dollar retirement-savings industry, due to take effect in April. The Trump administration is eyeing a possible six-month delay for the so-called fiduciary rule, these people said — a move that could give Congress time to revoke the regulation with legislation.
As usual the more people read about one of your rants the more obvious it is that you're unhinged.
Here is what's getting delayed by 6 months...
The Department of Labor Fiduciary Rule is a new ruling, scheduled to be phased in April 10, 2017 – Jan. 1, 2018, that expands the “investment advice fiduciary” definition under the Employee Retirement Income Security Act of 1974 (ERISA). This sweeping legislation (1,023 pages in length) will automatically elevate all financial professionals who work with retirement plans or provide retirement planning advice to the level of a fiduciary, bound legally and ethically to meet the standards of that status. While the new rules are likely to have at least some impact on all financial advisors, it is expected that those who work on commission, such as brokers and insurance agents, will be impacted the most.
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"Suitability" meant that as long as an investment recommendation met a client's defined need and objective, it was deemed appropriate. Now, financial professionals are legally obligated to put their client’s best interests first rather than simply finding “suitable” investments. The new rule could therefore eliminate many commission structures that govern the industry.
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While the best interest contract exemptions would permit broker-dealers and insurance companies to provide plan participants with fiduciary advice while still receiving commissions, many professionals fear the conflict-of-interest yardstick would essentially eliminate commissions. This in turn would force financial advisors to create or shift fees onto individuals, and could price many middle- and lower-market investors out of the market, they argue.