Despite widespread views that the incoming Trump administration and GOP lawmakers will seek to kill or significantly curtail DOL's fiduciary rule, along with potential legal rulings to vacate or halt the rule, advisors are forging ahead with their compliance – albeit at a somewhat more cautious pace.
"The DOL rule is certainly under consideration" in the new administration, "but whether it is repealed or pushed back is unclear," Neil Simon, vice president for Government Relations at the Investment Adviser Association in Washington, told ThinkAdvisor on Friday. "I expect that the implementation date in April will take place and that advisors should be prepared."
Simon said that the DOL, under a new administration, could stop fighting the current lawsuits brought against the rule, adding that it could be May before a new Labor Secretary is installed by the Trump administration.
