Partners Fred Reish and Brad Campbell were quoted in articles on Labor Secretary Alexander Acosta’s recent announcement that the June 9 compliance date for the fiduciary rule will remain in place.

In a ThinkAdvisor article titled, “Sticking to DOL Fiduciary Deadline Is ‘Right Move,’ Says fi360’s Aikin,” Fred noted that while the fiduciary and best interest standards are more favorable to investors than the current rules regarding investment advice, the DOL is concerned that these rules are so disruptive to many current business practices that the DOL and IRS won’t enforce them until the end of the transition period.

“Since I doubt that the Department can properly investigate the matter, make decisions about those changes and go through the process of issuing proposed and final regulations and exemptions by Jan. 1, I think the transition period will be extended,” Fred said. “As a result, I don’t think we will see the proposed changes [to the rule] until late this year.”

In a PlanAdviser article titled, “Fiduciary Rule Implementation Now Appears Certain,” Fred and Brad noted that the new transition exemptions will do a lot in terms of easing some of the compliance burden associated with meeting the fiduciary rule requirements. They stated that the DOL will use the transition time period to determine whether to make changes going forward.

Read “Sticking to DOL Fiduciary Deadline Is ‘Right Move’”
Read “Fiduciary Rule Implementation Now Appears Certain”

Source: ThinkAdvisor, PlanAdviser