We first began writing about the DOL Fiduciary Rule two years
ago. Since then, the status of adoption of the Rule has been
uncertain, even could be characterized as a roller coaster
ride. The push from the Obama administration was slowed down
by the 2016 Presidential election. Certainly, if Hillary
Clinton had been elected, the regulatory path would have been
smoother for adoption, even in the face of lawsuit
challenges. President Trump's election has resulted in
some more uncertainty; the delay in the appointment of Sec. Acosta
may have contributed to the uncertainty.
So, now where do we stand? Strictly from the regulatory
standpoint, the path seems clear: on June 9, the DOL's
regulatory change takes effect, expanding the definition of
fiduciary investment advice, holding service providers and plan
sponsors accountable to the regulations included in ERISA.
Simply put, that fiduciary obligation means that service providers
subject to the rule must act in the
