As anticipated, and consistent with his stance on reducing government regulation, President Trump signed an executive order late last week directing a review of the retirement plan fiduciary rule (the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed in 2010). The fiduciary rule, developed under the Obama Administration, imposes strict requirements on financial advisers. The rule confers fiduciary status on those providing advice regarding retirement plan investments, meaning that the advisers have to work in a manner that is in the best interests of their clients, putting the clients’ interests above their own. President Trump’s action begins the process of undoing or modifying the fiduciary rule.
New Administration, New Rules: “Am I a fiduciary or not?”
Posted on March 20, 2017
