Department of Labor’s Fiduciary Rule Put on Hold – What Does It Mean for Investors?

Web Admin - Friday, February 17, 2017

Long Grove estate planning attorneysThe Obama administration spent six years developing and tweaking a fiduciary rule that would have required financial advisors to act in the best interest of their clients. Then the Trump administration blocked it, delaying it by 180 days, citing alleged concerns over cost and complexity. Why is the blocking of this rule important, and what does it mean for investors? The following explains, and provides some advice on how to move forward. 

An Overview of the Fiduciary Rule

Currently, financial advisors can (and often do) make recommendations to clients in which the fiduciary holds a vested interest. For example, many stock brokers, planners, insurance agents, and financial salespersons work on a commission scale. To increase their own profits, they often steer clients to investment accounts that would gain the fiduciary a profit.

The Department of Labor’s fiduciary would have required that all financial advisors work only in the best interest of their clients. So, regardless of whether they would turn an additional profit or not, they would have been required to advise clients on investments that best suited their needs. It would have also eliminated many of the commission structures within the financial industry – many of which jeopardize the financial futures of investors.

What the Delay Could Mean for Investors

Although a delay of 180 days may not seem like much, that six-month wait puts countless investors at risk. Further, the memorandum from President Trump is asking the Department of Labor to carry out an economic and legal analysis on the potential impact of the rule, particularly in relation to the cost of giving and receiving financial advice. The administration also states that the rule would have been an overreach of government power.

Lawmakers who oppose the delay say the real issue is that the rule would have taken money away from the wealthy and put it back into the pockets of investors. They also fear that the delay could ultimately result in a gutting, halt, or complete dismissal of a rule that had previously been vetted. They fear the only ones who will be hurt are American investors.

Considering this delay, it is critical that investors continue to practice due diligence when seeking a financial advisor. Further, they should prepare for the possibility that the fiduciary rule may be killed before it is even put into practice. For more information on investments and how it may impact your estate planning efforts, contact an experienced estate planning lawyer for assistance.

Contact Our Long Grove Estate Planning Lawyers

With so many issues working against investors, it is critical to ensure your estate planning is being handled by someone who has your best interest in mind. This is exactly what we offer at Drost, Gilbert, Andrew & Apicella, LLC – committed and dedicated representation to suit your needs. Learn more about how we can assist with your estate planning wishes. Call 847-934-6000 and schedule a personalized consultation with our Long Grove estate planning lawyers today.

About the Author: Attorney Jay Andrew is a founding partner of Drost, Gilbert, Andrew & Apicella, LLC. He is a graduate of the University of Dayton School of Law and has been practicing in estate planning, probate, trust administration, real estate law, residential/ commercial leasing, contracts, and civil litigation. Since 2005, Jay has been a Chair of the Mock Trial Committee for the Annual Northwest Suburban Bar Association High School Mock Trial Invitation which serves over 240 local Illinois students each year.


Recent Posts


traffic tickets texting and driving Palatine probate lawyer FMLA trustee employment contract, employment law, employment at-will, Deer Park employment law attorneys, contract, Illinois law swimming pools Crystal Lake car accident attorney real estate zoning Illinois car accident attorney estate tax irrevocable trust landlord tenant law ken apicella Arlington Heights employment law attorneys Crystal Lake personal injury attorney car accident Chicago corporate attorney pedestrian-automobile accident Deer Park employment law attorney compensatory time DUI defense Arlington Heights Attorney traumatic brain injury Illinois employment attorneys Crystal Lake will lawyer Des Plaines personal injury lawyers mass shooting Rolling Meadows criminal lawyer CAM Des Plaines criminal attorney Illinois lawyer denial of life insurance consent to a search personal injury digital assets business litigation llinois Real Estate Lawyers Association senior citizens Crystal lake insurance dispute attorney Arlington Heights medical malpractice lawyer Illinois employee rights attorney. special needs trust Fourth of July Illinois wills and trusts attorneys Crystal Lake medical malpractice lawyer insurance claims underinsured motorist Barrington boating accident attorney Arlington Heights wills and trusts lawyers guardianship attorney Illinois insurance claim dispute lawyers Chicago attorney capital gains tax DMV Inverness accident lawyer insurance denials Arlington Heights injury attorney denied insurance claim Des Plaines civil attorney Kenilworth estate planning lawyer Palatine civil litigation lawyer Inverness civil lawyer Arlington Heights real estate lawyer Schaumburg Rolling Meadows personal injury lawyer Illinois rollover accident lawyers preventable medical errors clemency medical malpractice Barrington business law firm Rolling Meadows criminal attorney Illinois Trust Code boating accidents Schaumburg criminal law attorney Deer Park criminal attorney automated cars trusts real estate contract Illinois rest breaks Crystal Lake medical malpractice attorneys traffic accidents Illinois workers compensation lawyer Palatine insurance lawyer Illinois insurance attorney Illinois traffic ticket lawyer Jay Andrew Illinois jet ski accident lawyer digital assets, digital fiduciary, estate planning, digital content, Long Grove estate planning lawyers work unions Illinois traffic attorney workers compensation benefits whistleblower protections Arlington Heights accident attorney IRS homestead rights Buffalo Grove insurance claim dispute lawyers pet law investment property Illinois medical malpractice lawyers Chicago biking tips Illinois wills and trusts murder defense Rolling Meadows insurance dispute lawyers, insurance dispute drunk driving statistics small business installment contracts Crystal Lake employment attorney LLCs Des Plaines injury law firm operating agreements Barrington Traffic Lawyer problem employees civil litigation attorney Mount Prospect elder law attorney Barrington criminal defense lawyer Barrington criminal lawyer Buffalo Grove law firm personal injury claim Schaumburg medical malpractice lawyer wrongful termination sexual harassment power of attorney living trust vs will criminal record commercial real estate Illinois insurance claims lawyers Arlington Heights employment attorney South Barrington real estate attorney digital information POA marijuana crimes attorney commercial leases personal injury accidents Palatine corporate law attorneys insurance claim denials pedestrian accidents Inverness real estate lawyer medical research Rolling Meadows marijuana attorney Rolling Meadows corporate lawyer Family Medical Leave Act Chicago lawyer Long Grove estate planning attorneys Barrington injury attorney institutional trustee Palatine criminal defense lawyer probate fees Illinois home inspection insurance disputes, Illinois insurance disputes, Illinois insurance dispute attorneys, denied insurance claims, Arlington Heights insurance dispute attorneys subcontractor Illinois insurance lawyer comp time probate claims Des Plaines real estate attorney Mt Prospect Attorney Attorney Ken Apicella Illinois employment law attorney Illinois pet lawyer home inspection lawyer Riverwoods estate planning lawyer food poisoning Illinois corporate lawyer insurance dispute, insurance dispute lawyers, insurance claim denial, insurance claim delays, Rolling Meadows insurance dispute attorneys Deer Park traffic lawyer workplace sexual harassment Chicago insurance law firm Illinois registered agent wrongful termination, employment law, whistleblower protections, Illinois employment laws, discrimination in the workplace bike accident Kenilworth estate planning attorneys icy parking lots Home Remodeling Repair Act bicycle dooring accidents estate planning, digital assets, Revised Uniform Fiduciary Access to Digital Assets Act, Illinois digital assets, Illinois estate planning, severance agreements Rolling Meadows litigation lawyer Federal Food Drug and Cosmetic Act gift taxes Arlington Heights criminal lawyer Schaumburg estate attorney wills car collision Des Plaines drug crimes lawyer Schaumburg employment law attorneys Illinois insurance dispute lawyers overtime pay Illinois construction accident attorney Illinois employment law liens Illinois living will Des Plaines Traffic Lawyer GM ignition switches Illinois real estate lawyer boating under the influence hiring employees spinal cord injury Thanksgiving construction contracts Palatine personal injury lawyer construction accidents, personal injury, wrongful death, Arlington Heights personal injury attorneys, workers' compensation Rolling Meadows traffic law firm sexual images trucking accident lawyers Illinois medical malpractice claim dram shop law caregiver Palatine law firm Palatine construction attorney medical malpractice claims Deer Park workers compensation lawyer vacation home Rolling Meadows DUI lawyer Palatine trusts lawyer Schaumburg estate planning lawyer coronavirus Barrington employment law firm Buffalo Grove employment lawyer Rolling Meadows boating crash lawyer criminal defense Arlington Heights trucking lawyer Do Not Resuscitate Des Plaines personal injury attorney estate planning trusts Illinois workplace discrimination attorney manufacturing Deer Park medical malpractice attorney trucking accidents drunk driving probate process Crystal Lake traffic lawyer Schaumburg traffic lawyer Illinois collections attorney Des Plaines pet law attorney Schaumburg criminal attorney Liquor Control Act employment lawyer Inverness probate lawyer elder abuse insurance adjusters Inverness injury lawyer Affordable Care Act criminal law Crystal Lake pedestrian accident lawyer head on collisions landlord dealing with problem employees paid sick leave Long Grove estate planning attorney foreclosure minimum wage federal crimes Legal Info unfunded trust insurance disputes first degree murder BUI rumble strips contracts Chicago employment attorney Rolling Meadows insurance attorney Illinois estate planning attorney advance healthcare directive Illinois employment laws natural gas distracted driving accidents Barrington medical malpractice lawyers Detainer Actions Employment Discrimination Law fault based insurance Palatine real estate lawyer job lawyers Des Plaines claims law firm Retaliatory Discharge personal injury attorney Illinois trucking safety insurance claim denial Palatine employment attorney Schaumburg elder law lawyer liability Long Grove estate planning Rolling Meadows insurance dispute lawyers Inverness estate planning lawyer reckless homicide Rolling Meadows employment attorney pay when paid contract Illinois small business Palatine elder law attorney involuntary manslaughter real estate closing probate claims process Illinois business law atorneys medical marijuana Illinois personal injury lawyers health insurance dispute insurance claim Arlington Heights wills and trusts attorney Rolling Meadows medical malpractice lawyers denied insurance claims healthcare Barrington Illinois estate planning lawyer low-ball insurance settlement car accident lawyer Rolling Meadows insurance lawyer Des Plaines drug lawyer Crystal Lake employment lawyer insurance dispute Home Sale Contingencies Illinois boating accident lawyer financial advisors Illinois driving without license Illinois LLC creation estate planning attorney Illinois motorcycle accident lawyer Buffalo Grove traffic attorney foreclosed rental property Illinois personal injury Des Plaines collections attorney employment attorney workers compensation Landlord Tenant Ordinance Inverness insurance attorney Barrington personal injury attorney Schaumburg personal injury lawyers Palatine business attorney Buffalo Grove probate lawyer Kenilworth estate planning attorney Des Plaines Illinois pedestrian accident attorney rent to own real estate contracts rollover car crashes Palatine workers compensation lawyer deed transfer new real estate form products liability DUI attorney hit and run accident Illinois Smoke Detector Act crossover accidents Buffalo Grove corporate attorney Food and Drug Administration's Food Safety Modernization Act PTSD Crystal Lake business law attorneys Des Plaines real estate lawyer Illinois Transfer on Death Instrument insurance claim dispute attorney Rolling Meadows Traffic Lawyer Palatine traffic lawyer license reinstatement estate planning, death tax, succession plans, business estate plans, Barrington estate planning lawyers Des Plaines accident attorney Barrington workers compensation attorney jet ski Illinois traffic accident lawyer cell phone Illinois will lawyer insurance agents personal injury law firm pregnant women golf accidents Arlington Heights wills and trusts attorneys life insurance Des Plaines insurance attorney traffic deaths condo Crystal Lake law firm Palatine drug lawyer Buffalo Grove personal injury attorney slip and fall Policy Cancellation Chicago estate planning lawyer Barrington estate planning lawyer Rolling Meadows traffic attorney Palatine corporate attorney Rolling Meadows employment law attorney premises liability license suspension Crystal Lake estate planning lawyer Rolling Meadows accident lawyer Illinois insurance disputes employees Illinois attorney trauma after an accident social media after death speeding Illinois traffic attorneys DUI penalities Illinois employment law firm Long Grove real estate attorney living wills Palatine punch death insurance agent negligence Class A misdemeanor Barrington real estate lawyer personal injury claims fiduciary rule delay life insurance claims Illinois estate planning Chicago insurance claim attorneys Barrington employment attorney Arlington Heights TBI attorney DGAA privacy employee misclassification auto accidents drug possession child safety Rolling Meadows car accident lawyers Barrington employment law attorney Illinois workers compensation attorney estate planning Fair Labor Standards Act Schaumburg Attorney life insurance policy preventing accidents pizza emoji workers comp Buffalo Grove real estate attorney Arlington Heights traffic attorney changes to mortgage law real estate leasing breathalyzer test medication errors dynasty trusts wage theft liability claims Schaumburg probate attorney bad faith insurance claims Crystal Lake pet attorney unauthorized overtime Illinois red light cameras Illinois insurance claim dispute lawyer Exclusions Arlington Heights Traffic Lawyer modern family estate planning Palatine injury attorney Palatine traffic accidents wills and trusts Rolling Meadows Attorney Des Plaines personal injury lawyer Forcible Entry Illinois Probate Act of 1975 loopholes Palatine estate planning lawyer cell phone accidents Illinois wrongful termination lawyer sole proprietorship Long Grove real estate lawyer wrongful death Deer Park traffic accident attorney real estate hands free device Crystal Lake insurance lawyer Crystal Lake bike accident lawyer estate planning lawyer spinal cord injuries condo association Barrington drug crime attorney power of attorney for healthcare car accidents drugs Mount Prospect real estate lawyer traffic offenses traffic violations defense drug crime attorney fees digital evidence accidental death benefits Transfer on Death Instrument field sobriety test slip and fall accidents pedestrian injuries, pedestrian fatality Schaumburg personal injury attorney pedestrian accident Illinois business lawyer Buffalo Grove criminal defense lawyer Inverness real estate attorney estate attorney driving Colin H. Gilbert Schaumburg injury lawyer Schaumburg insurance lawyers Buffalo Grove injury lawyer Long Grove wills and trusts attorneys Chicago will attorney creditors Illinois defective products attorney Deer Park motorcycle accident lawyer Deer Park DUI lawyer Rolling Meadows personal injury attorney murder Chicago will attorney, social media platforms, Illinois estate planning lawyer, Rolling Meadows personal injury lawyers natural gas explosion Chicago estate planning Schaumburg corporate attorney eluding a police officer income distribution deducation Schaumburg civil litigation attorney filing a medical malpractice claim pet bites Palatine civil attorney traffic crimes car crash internet Schaumburg estate planning attorney product liability Schaumburg personal injury lawyer loss of consortium construction accidents Chicago traffic lawyer uninsured motorist Arlington Heights estate planning attorney Crystal Lake traffic attorney corporate law Crystal Lake accident attorney Inverness elder law lawyer life insurance lawyer Crystal Lake personal injury lawyer nursing home negligence blood alcohol content employment contract Crystal Lake injury attorney Deer Park real estate law firm TBI insurance attorney Self-Directed IRA Accounts healthcare claims Buffalo Grove medical malpractice lawyers Inverness DUI lawyer Deer Park personal injury lawyer civil rights violation Barrington estate planning attorney car accident lawyers Crystal Lake tax lawyer traumatic brain injuries Illinois injury lawyer employee discrimination Illinois job attorney trench injuries Illinois employment lawyer deadly crashes traffic violations Illinois medical malpractice attorney Illinois estate planning law firm digital media accounts, estate planning, Arlington Heights estate planning attorney, car crash injuries Mount Prospect wills and trusts lawyers cell phone tower data overtime violations Des Plaines motorcycle accident attorney in terrorem provision Barrington attorney drug crimes lawyer Arlington Heights wills and trusts lawyer Illinois Sales Representative Act Schaumburg drug defense lawyer Schaumburg car accident attorney right to work real estate attorney Illinois Wage Payment and Collection Act startup company Rolling Meadows business lawyer breach of contract Barrington litigation attorney Whistleblower Claims caretaker rights marijuana ACA owner responsibility Arlington Heights pedestrian accidents holiday statistics employment law Crystal Lake medical malpractice law firm jet ski accidents disability benefits defective products lawyer Illinois medical malpractice case personal injury, auto accident injuries, delayed injuries, serious injuries, Des Plaines personal injury attorneys Buffalo Grove car accident lawyer controlled substance distracted driving accident victims dog bites motorcycle accident lawyer suspended license Illinois traffic laws IRELA BAC Crystal Lake criminal defense attorney medical malpractice compensation mortgage Schaumburg wrongful death attorney forming a corporation in Illinois Illinois DUI attorney Des Plaines medical malpractice attorney Illinois personal injury attorney Rolling Meadows employment law attorneys agent Rolling Meadows drug defense attorney Super Mario Illinois insurance claim attorney Illinois personal injury lawyer Chicago employment lawyer bicycle accidents Illinois mortgages gift tax exemption, estate planning, estate planning strategies, Illinois estate planning, South Barrington estate planning attorneys Arlington Heights lawyer Barrington personal injury lawyer ObamaCare defective products criminal Des Plaines DUI attorney Inverness traffic law firm estate plan Illinois tax attorney FSLA insurance claim delay license insurance negligence Rolling Meadows tax attorney Schaumburg employment attorney personal injury lawyer probate lawyer trust payments Crystal Lake car accident lawyer underfunded trust Illinois bicycle safety pain and suffering back injuries real estate lawyer fatal car accidents college kids Illinois criminal defense attorney anesthesia errors taxes unpaid assessment insurance dispute attorney Chicago car accident lawyer expungement BAIID employee rights estate planning for college students texting while driving Schaumburg construction accident lawyer Rolling Meadows real estate attorney license revocation vacation home fines residential real estate Inverness corporate attorney motorcycle accident fiduciary rule DUI Inverness personal injury attorney commercial leasing Illinois real estate IRA benefits Schaumburg real estate lawyer traffic laws Crystal Lake employment law attorney Illinois employment law attorneys real estate attorneys Des Plaines tax law firm meal breaks Rolling Meadows probate lawyer School Visitation Rights Act federal regulations for LLCs truck collisions Palatine Attorney Chicago trucking accident attorney Arlington Heights tax lawyer Barrington civil litigation attorney appealing an insurance claim Illinois Workers’ Compensation Commission rollover accidents car crashes murder charges Illinois workplace lawyer DNR Arlington Heights car crash attorneys insurance claim dispute South Barrington real estate lawyer Buffalo Grove personal injury lawyer Crystal Lake civil litigation lawyer Arlington Heights insurance attorney employment law, meal breaks, rest breaks, hotel employees, Des Plaines employment law attorneys insurance denial appeals Rolling Meadows Deer Park accident attorney Illinois speeding lawyer employment law, Illinois employment laws Rolling Meadows estate planning attorney boating DUI Palatine employment lawyer independent contractor Illinois civil litigation lawyer probate unpaid overtime Buffalo Grove traffic lawyers Illinois Human Rights Act living trust Illinois probate lawyer Arlington Heights personal injury attorney tax attorney Arlington Heights car accident lawyer living trust benefits comparative negligence medical malpractice, missed diagnosis, delayed diagnosis, medical mistake, Deer Creek medical malpractice lawyers Illinois trusts attorney Illinois elder law attorney surgical mistakes Palatine employment law lawyer Colin Gilbert underage DUI brain injury Arlington Heights personal injury lawyer drug crimes privacy laws blended families Joliet general practice lawyers revenge porn IRA trust transfer elder law civil litigation no contest clauses