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The US Department of Labor's (DOL) fiduciary standard rule has been befuddling the financial services industry for the past seven years. In its simplest form, it increases accountability for the brokers, planners and insurance agents that handle US retirement accounts. It introduces measures to ensure they act in the best interest of their clients rather than for their own financial gain.
And exactly what steps can be taken to best respond to the rule are also polarizing, even though much of the market agrees with its basic principles. It is not solely the rule itself that is under fire, but the way that it has been implemented, and to an extent even the implementing agent itself.
To read our IFLR/MoFo Fiduciary Rule Poll, click here.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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