DGAA bLAWg

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.


Source:
http://www.investmentnews.com/article/20170203/FREE/170209958/dol-fiduciary-rule-delayed-180-days-by-trump-directivehttps://www.nytimes.com/2017/02/03/business/dealbook/trump-congress-financial-regulations.html


Recent Posts


Tags

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

Archive