{"id":3580,"date":"2018-06-24T15:54:34","date_gmt":"2018-06-24T19:54:34","guid":{"rendered":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=3580"},"modified":"2018-06-24T15:54:34","modified_gmt":"2018-06-24T19:54:34","slug":"the-new-fiduciary-rule-is-dead-jim","status":"publish","type":"post","link":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=3580","title":{"rendered":"The New Fiduciary Rule is Dead, Jim"},"content":{"rendered":"<p>In a move that should shock no one, the Department of Labor (DOL) pretty much left the fiduciary rule to die by rolling over and effectively letting the rule die. <span class=\"s2\">The last deadline for resuscitating the fiduciary rule passed when the DOL\u2019s declined to ask the U.S. Supreme court to reconsider the appeals court\u2019s decision in the 5<\/span><span class=\"s3\">th<\/span><span class=\"s2\"> Circuit that knocked out the rule.<\/span><\/p>\n<p><span class=\"s2\">This should come as shock to no one since it was pretty much the goal of the Trump administration to find anyway to scrap the rule.<\/span><\/p>\n<p><span class=\"s2\">Before brokers go around the country, being happy about the end of the rule. I ask them one question: you won, but at what cost? The brokerage industry spent billions in legal fees to comply with the rule and some broker-dealers decided to go the full fiduciary route whether the rule was going into effect or not. I worked with an in<\/span><a name=\"_GoBack\"><\/a><span class=\"s2\">surance company who were complying with the rule and they sent out letters to many clients, especially on the smaller SEP-IRA plans, effectively firing them as a client. \u00a0As much as the brokerage industry <\/span><span class=\"s2\">would like to turn back the lock to the days before the rue went into effect, they can\u2019t. I also think they can\u2019t because many plan sponsors want an advi<\/span><span class=\"s2\">s<\/span><span class=\"s2\">or who can act in a fiduciary capacity and I also believe that once a differ<\/span><span class=\"s2\">ent administration goes into eff<\/span><span class=\"s2\">ect<\/span><span class=\"s2\">, a more restrictive fiduciary rule will come into effect. That\u2019s why I believe the latest fiduciary rule would have been better for 401(k) brokers than anything that comes down the path later.<\/span><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>In a move that should shock no one, the Department of Labor (DOL) pretty much left the fiduciary rule to die by rolling over and effectively letting the rule die. The last deadline for resuscitating the fiduciary rule passed when &hellip; <a href=\"http:\/\/therosenbaumlawfirm.com\/blog\/?p=3580\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3580"}],"collection":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3580"}],"version-history":[{"count":1,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3580\/revisions"}],"predecessor-version":[{"id":3581,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3580\/revisions\/3581"}],"wp:attachment":[{"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3580"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}