What Does the D.O.L. Fiduciary Rule Effective June 9 Mean for You?
The Department of Labor (DOL) fiduciary rule went into partial effect on June 9, 2017, and is scheduled to be fully implemented on January 1, 2018.
What does it mean to you? The fiduciary law, created during the Obama administration, requires that financial advisors must act in the best interest of the client, charge a reasonable compensation and make no ambiguous statements. They can still recommend products and they can still get variable commissions. The rule also states that ALL fees and commissions must be transparent and clearly disclosed to clients, which poses a challenge to many firms that have historically veiled their fees within heavy documentation.
While many provisions of the rule will go into effect January 1, recent developments appear to be a victory for proponents of the fiduciary rule. How decisive a lasting victory remains to be seen.
As the fiduciary rule remains a moving target, Copper Leaf Financial will keep you abreast of the latest information.
No matter what happens with the regulation of the fiduciary rule, Copper Leaf Financial’s is committed to being a fiduciary. We’ve voluntarily, legally embraced this standard to always act in your best interest. Being a fiduciary is at the core of who we are. We proudly, fiercely serve as your advocate as you strive for your highest goals.