The final rule treated persons who provide investment advice or recommendations for a fee with respect to assets of a plan or IRA as fiduciaries in a wider array of advice relationships. The bulk of the rule was to become effective on April 10, 2017. The order does not delay the effective date, however. As of now, unless the DOL issues guidance, the rule will still become effective on April 10, 2017. We do note that Acting U.S. Secretary of Labor Ed Hugler has announced that the DOL is considering its legal options to delay the effective date to comply with the order.
President Issues Order Calling on the Department of Labor to Reconsider Fiduciary Rule
