The Department of Labor Fiduciary Rule is scheduled to be released today.  What changes must firms and advisors implement to comply with the Rule and what is the time table?

The financial services industry anxiously awaits the release of the final version of the Department of Labor’s Fiduciary Rule in the coming hours. The long expected Fiduciary Rule has gone through two comment periods during which over 3,000 comment letters were submitted, as well as four days of public hearings. Despite strong opposition by the securities industry due to the potential negative impact the Fiduciary Rule could have on retirement accounts, the Department of Labor pushed forward with the rule.

Specifically, the Department of Labor moved forward with the intent of increasing the standard of care for brokerage firms and advisors when assisting with retirement assets. Labor Secretary Thomas Perez recently stated: “With the finalization of this rule, we are putting in place a fundamental protection into the American retirement landscape.” What that fundamental protection is and how it will impact the supervision and operations related to retirement accounts, the securities industry will soon learn.

Winget Spadafora & Schwartzberg, LLP has been closely following the proposed rule, the 3,000+ comment letters, as well as the public hearings to ensure it can assist its clients in the implementation of the DOL Fiduciary Rule requirements into their practices. In the days after the release of the DOL Fiduciary Rule, we will be releasing a White Paper to address the specific areas that advisors and broker-dealers will need to address to ensure compliance with the same.

If you have any questions regarding the DOL Fiduciary Rule or would like our assistance in ensuring your firm or practice is in compliance with the new Fiduciary Rule, please contact: