Despite President Donald Trump’s order today delaying implementation of the Department of Labor’s fiduciary rules — which were set to take effect April 10 — many in the industry say they are still moving forward with their plans to comply.
Industry insiders last week predicted that Trump would make it a priority to delay, modify or repeal the fiduciary rules but, in the meantime, most financial services companies have already committed the resources for compliance. Experts say they probably won’t stop what they are doing now, despite many having railed against the rules, saying they were onerous for companies to comply with and would limit the investment choices available to middle class and low-income retirement savers.
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