Summary: Late yesterday, a U.S. Court of Appeals for the Fifth Circuit panel struck down the Department of Labor’s fiduciary rule. But industry executives and experts say the industry will continue down the road toward a fiduciary standard, regardless of the court’s decision.
 A lot of firms have already made a huge financial commitment in terms of training new supervisory procedures and other things to mitigate conflicted advice.I think it would be just as much work backtracking as it would be maintaining the fiduciary compliance requirements under the impartial conduct standards and what they might have already had in place.” Duane Thompson, president of Potomac Strategies and senior policy analyst at fi360. |
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