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


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