The fiduciary standard, which has been debated for years – and already subject to numerous delays – requires broker dealers that handle retirement plans, 401ks and IRAs to put the best interests of their customers ahead of their own. The first piece of this new standard went into effect on June 9th and is going to stick.
But the department of labor indicated in a court case filed just last Wednesday, August 8th in the State Minnesota, that an 18-month delay of the rules for an exemption to the Fiduciary standard will be sought. These actions might postpone the implementation of the final parts of the law set to go into effect January 2018 to July 2019.
Regardless of whether regulators should or even could enforce a fiduciary standard (a term itself that is subject to a wide variety of interpretation) if it is something investors want, it will eventually get there. After all, in the field of “financial services”, the investors are the ones “being served” not politicians or Broker Dealer executives.
More on this story can be found here.