The Department of Labor’s (DOL) fiduciary rule has its detractors, and none other than President Trump has instructed the DOL to review it for a variety of reasons — raising questions regarding whether, or how long, it may come into force. But despite the chorus of opposition, the rule does have its supporters.
According to Financial Planning, supporters of the rule are gearing up to save at least what had been billed as investor protections.
Among those supporters is the Certified Financial Planner (CFP) Board, a non-profit organization that seeks to foster professional standards in personal financial planning. CFP Board Vice President of Public Policy Maureen Thompson told Financial Planning that supporting and defending the rule is “top of the list here of course.”
Thompson, as well as Consumer Federation of America Director of Investor Protection Barbara Roper and other rule advocates, argue that there are early indications that financial services firms have already been making adjustments to implement the rule with little effect on what they offer and how much they charge. They plan to carry their message supporting the rule to Capitol Hill, Financial Planning reports.
And expunging the rule may be easier said than done, Thompson reminds, since it is already in place — so it will take additional procedures to amend or scrap the rule.
According to Financial Planning, supporters of the rule are gearing up to save at least what had been billed as investor protections.
Among those supporters is the Certified Financial Planner (CFP) Board, a non-profit organization that seeks to foster professional standards in personal financial planning. CFP Board Vice President of Public Policy Maureen Thompson told Financial Planning that supporting and defending the rule is “top of the list here of course.”
Thompson, as well as Consumer Federation of America Director of Investor Protection Barbara Roper and other rule advocates, argue that there are early indications that financial services firms have already been making adjustments to implement the rule with little effect on what they offer and how much they charge. They plan to carry their message supporting the rule to Capitol Hill, Financial Planning reports.
And expunging the rule may be easier said than done, Thompson reminds, since it is already in place — so it will take additional procedures to amend or scrap the rule.
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