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

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

Archive