{"id":3533,"date":"2018-05-13T18:12:45","date_gmt":"2018-05-13T22:12:45","guid":{"rendered":"http:\/\/therosenbaumlawfirm.com\/blog\/?p=3533"},"modified":"2018-05-13T18:12:45","modified_gmt":"2018-05-13T22:12:45","slug":"the-dol-rolls-over-fiduciary-rule-effectively-dead","status":"publish","type":"post","link":"https:\/\/therosenbaumlawfirm.com\/blog\/?p=3533","title":{"rendered":"The DOL Rolls Over, Fiduciary Rule Effectively Dead"},"content":{"rendered":"<p><span class=\"s2\">The Department of Labor (DOL) said it\u2019s not going to pursue enforcement actions against investment advice fiduciaries \u201cwho are working diligently and in good faith to comply\u201d with requirements of the fiduciary rule that was recently overturned by a federal appeals court decision. This is after the DOL rolled over and played dead by not appealing the Fifth Circuit decision that struck down the fiduciary rule.<\/span><\/p>\n<p><span class=\"s2\">In my opinion, this is a black eye for the DOL who for years talked about implementing a new fiduciary rule. The President Obama led DOL took their time to develop their rule, but they made one huge error. \u00a0They let the effective date for most of the rule to take effect after the Obama administration left, which allowed the Trump administration (who didn\u2019t like the rule) to find a way to kill it, which they did. <\/span><\/p>\n<p><span class=\"s2\">While there are brokers who are so happy with the end of the rule, there is no time for celebration. How many millions were spent in legal fees to comply with the new rule? How many plan sponsors and SEP-IRA sponsors who received notices that their broker was no longer going to work on the plan? What about the next administration and a possible new rule that will either work with the SEC or will be more restrictive than the one that was just effectively killed?<\/span><\/p>\n<p><span class=\"s2\">In the end, in 20+ years in this business, this DOL handling of the fiduciary rule is one of the costliest messes this industry has ever received.<\/span><\/p>\n<p><span class='st_sharethis' st_title='{title}' st_url='{url}' displayText='ShareThis'><\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>The Department of Labor (DOL) said it\u2019s not going to pursue enforcement actions against investment advice fiduciaries \u201cwho are working diligently and in good faith to comply\u201d with requirements of the fiduciary rule that was recently overturned by a federal &hellip; <a href=\"https:\/\/therosenbaumlawfirm.com\/blog\/?p=3533\">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":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3533"}],"collection":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3533"}],"version-history":[{"count":1,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3533\/revisions"}],"predecessor-version":[{"id":3534,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/3533\/revisions\/3534"}],"wp:attachment":[{"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3533"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3533"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/therosenbaumlawfirm.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3533"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}