Since President Obama’s public statement of support for the Department of Labor’s fiduciary rule, the proposal rightly has been drawing a tremendous amount of attention. Considering the profound impact this rule could have on Main Street clients – potentially pricing millions of small and midsize investors out of quality, affordable financial advice – our industry has every reason to watch the developments surrounding the DOL’s proposal with acute interest.
While the revised rule is under review by the Office of Management and Budget, much of the discussion on the DOL’s effort has been of the “what if” variety: What if the rule has not changed substantially from the 2010 version? What if the DOL’s proposal conflicts with existing regulations?
Until the revised rule is released for public comment, there is simply no way to know how this proposal might impact our industry, or how the debate over its future might unfold.
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