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


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