As we roll into December, the election is nearly a month behind us and the country is waiting to see what President-elect Donald J. Trump’s administration will do over the next four years. Trump and his transition team are in the process of selecting Cabinet members, of which only a few have been announced (this New York Times article) has a list that is regularly updated). As of this blog post, one of those positions that hasn’t been announced yet is Secretary of Labor. So there are quite a few unknowns. Will the President Trump the Fiduciary Rule?
The U.S. Department of Labor’s (DOL) recent Conflict of Interest fiduciary ruling is being met with some expected resistance. The ruling requires financial institutions that manage IRA accounts to put the interests of their clients first. You can read more about it in my blog post Fiduciary Ruling Leads Financial Institutions Down Yellow Brick Road.
Financial institutions providing retirement services are feeling a bit like a tornado has ripped through their town after last week’s Department of Labor’s finalized fiduciary ruling.