Tag Archives: fiduciary duty rule

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Trump Team Bungles Fiduciary Duty Rule Edict

Chaos is the active word to best describe the impact of President Trump’s team of executive order writers, evidenced not only by the contentious ‘ban on immigrant visas’, but also when considering the walk back within hours of the President thinking he had signed an executive order to white wash the long-planned Dept of Labor initiative to impose a fiduciary standard on the the financial advisor community, better known as the Fiduciary Duty Rule.

Multiple financial industry news outlets have since reported that financial advisors are not out of the woods, despite the penmanship of the new President

(BrokerDealer.com) :

Were the reports profiling Trump’s ‘executive order’ that repealed the long-planned Dept of Labor implementation of a new fiduciary rule for investment advisors fake news?? Apparently Mr. Trump, along with whoever on his staff is drafting his first 100 days edicts in rapid fire fashion, as well as financial news media wonks and likely a whole bunch of other folks who thought that Trump was trumping the introduction of more regulations on the financial industry were all wrong. According to Michael Kitces of industry publication Bank Investment Consultant, it turns out that  The Fiduciary Rule was NOT Deleted by President Trump – See more at: www.brokerdealer.com

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(RIAbiz.com)–Trump’s lightning-quick backtrack on executive order relating to DOL rule sows chaos in financial advice industry

The new late-day directive from the president casually strikes the six-month delay on the rule leaving lawyers with mouths agape..

A Trump administration effort to give the financial industry clarity about the fiduciary rule has thrown it into a state of chaos. The executive order sent by the President of the United States to the Department of Labor mandating a review of the fiduciary rule has changed it by either 180 days or 180 degrees — or both.

The main takeaway is the chaos itself around the flip-flop. “This is actually scary,” says Marcia Wagner, partner of The Wagner Law Group, echoing what another ERISA attorney said off the record.  “I’ve been practicing law for 30 years and I’ve never seen anything like this.” See: A veteran securities lawyer takes centenarian stance that the DOL is still ‘suitability’ reworded, when boiling its 1,000-page ‘rule’ down to 16-page ‘guide’

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