Los Angeles partner Fred Reish was quoted in a Legal Newsline article titled, “Trump's decision to delay fiduciary rule might improve final version.”
Last month, the DOL officially delayed implementation of the fiduciary rule and its related exemptions by 60 days, pushing the new applicability date to June 9. Many in the industry have said that the delay has been proven beneficial, allowing time for additional information to come to light. Still, Fred notes that still less than half of the industry has started complying with the rule.
“Much work remains to be done before the new rule applies on June 9,” Fred said. “While some are already complying, others need to be more careful about the advice they give; yet others may need to reduce their charges.”