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

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

Archive