APRIL 5 — The Department of Labor has issued a 60-day delay for the applicability date of the DOL fiduciary rule affecting advisors in the retirement space. The rule was set to become applicable on April 10. Previously, as NAIFA and our coalition partners emphasized to the new administration just how important the issue is, President Trump instructed the DOL to review the rule to determine whether it will harm consumers. Specifically, he directed the DOL to determine if the rule will: reduce consumer access to retirement products, adversely affect investors or retirees, or increase “the prices that investors and retirees must pay to gain access to retirement services.”
All of these are concerns NAIFA has raised about the DOL rule. So, we support the current delay and the Trump administration’s review of the rule. We are currently conducting a survey of advisors on the rule’s impacts, and we will provide DOL with the survey results to consider as part of the review. We would urge DOL to seek a further delay if more time is needed to conduct a thorough review.
NAIFA Past-President Juli McNeely and her client, Dr. Jennifer Knoll, tell the DOL why the proposed fiduciary rule is unworkable for clients and advisors.
