Look down the road. You just might see the new fiduciary rule kicked there.
According to thinkadvisor.com, the proposal won’t be sent to the Office of Management and Budget until December for review, which can span as many as 90 days.
“I interpret that [regulatory agenda] as meaning in the future, but still on the agenda,” said ERISAattorney Fred Reish, partner at Faegre Drinker in Los Angeles, according to the site.
That said, in an email to ThinkAdvisor, Micah Hauptman, director of investor protection at ConsumerFederation of America said it behooves labor to move quickly to propose updates to its fiduciary rule.”It’s a matter of the clock potentially running on the current administration, he explained. Consequently,“retirement savers need protections against advisory conflicts of interest more than ever.”
The Obama administration originally instituted the law, according to moneyunder30.com, updated last month. It expands the Employee Retirement Income Security Act of 1974 (ERISA). Financial advisors working with retirement accounts are requited to become fiduciaries, under the act.
Bear in mind that, traditionally, dates laid out in reg flex agents are placeholders, notedthinkadvisor.com. Meaning they might be altogether different from the actual date of the release of a fiduciary plan.