Alexander Acosta, the new Secretary of Labor, confirmed that the Department of Labor (DOL) Conflict of Interest Rule – Retirement Advice will go into effect as planned after months of uncertainty regarding implementation of the rule.
Starting June 9, the same day the DOL's fiduciary rule takes effect, advisers who want to buy mutual fund class shares for retired clients will be required to buy T shares.
The Department of Labor won’t further delay the June 9 effective date for the fiduciary rule; review will continue until final implementation on Jan. 1, 2018.
Whether they custody with Fidelity or not, retirement advisors can outsource their discretionary investment management to the firm, which will act as the fiduciary.
Advicent, the leading provider of financial planning software across the globe, has been closely monitoring the new Conflict of Interest Rule from the Department of Labor (DOL) since its first draft more than six years ago.
Financial advisors expect to rely more heavily on technology solutions to comply with new fiduciary rules. But are their current systems up to the task?
