Advisors all over the country are wondering when the SEC rule might be implemented. The DOL’s fiduciary rule took ages to be a reality (and never quite made it), but the SEC rule seems like it will be faster. But how fast? Realistically, probably one year from now, according to one industry expert. BNY Mellon Pershing urges advisors to stay engaged and not catch “fiduciary rule fatigue”. “We still have an opportunity to shape the fiduciary landscape … It's really important that we don't grow weary of the standard of care issue, because we have an opportunity to take the lead”.
FINSUM: A year sounds reasonable. The rule is only in its first iteration now, and we suspect there will be significant changes.