In February, President Trump signed an Executive Order directing the U.S. Department of Labor (DOL) to review the fiduciary rule for brokers that President Obama’s Labor Department adopted. The federal
Continue Reading NY Department of Financial Services Proposes its Own Fiduciary Rule in Response to U.S. DOL Delay

Last spring, the U.S. Department of Labor proposed a controversial new rule which would govern retirement accounts, including IRAs and qualified employer-sponsored plans.  The rule – which would impose a fiduciary standard of care on advisors who offer advice regarding retirement accounts – is now one step from being finalized.  The Labor Department recently delivered the proposed rule to the Office of Management and Budget (OMB), which reviews proposed rules for economic consequences.  Once OMB has signed off on the proposal, it will go back to the Labor Department for publication and implementation.  OMB has 90 days to complete its review, although the process in this case is expected to be finished much sooner, perhaps as early as March.
Continue Reading Proposed Fiduciary Rule for Retirement Accounts One Step Closer to Reality