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December 07, 2016 | Retirement Plans
With Donald Trump named president-elect, a myriad of current policies have been put into question - including the Department of Labor’s Fiduciary Rule. While this rule is not set to take effect until April 2017, there is question as to whether Trump’s election could halt its implementation.
There have been a number of headlines suggesting that Donald Trump will put the DOL’s Fiduciary Rule in limbo. His campaign advisors suggest they seek to repeal it, although the President-elect has yet to address the rule specifically. The Trump Administration has a variety of options for handling the rule:
Given that Trump does not take office until late January, the new Administration has a narrow window of time to make meaningful changes to the rule. With the timeline, the ambiguity of Trump’s position during the campaign trail, and the industry disruption already caused by the rule, financial institutions face great uncertainty. While some in the industry could be considering the delay of any changes to follow suit with the new rule, most believe it is in advisors’ best interest to move forward as if the rule is set to be final.
Manning & Napier continues to monitor this changing landscape closely and the implications it may carry. To stay up to date on the current fiduciary environment, visit www.manning-napier.com/EvolutionaryFiduciary.
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