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

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

Archive