The Trump administration’s delay of the Department of Labor’s fiduciary rule landed with a bang on social media.
#NationalLINC Are we going to have a moment of silence today for the FOL Fiduciary Rule?#sosad — George Papadopoulos (@feeonlyplanner)
February 3, 2017
DOL fiduciary rule not in best interests of non-rich investors, who would have lost access to advice.
https://t.co/nAwe6dIv1c — Cato CMFA (@CatoCMFA)
February 3, 2017
White House National Economic Council Director and former Goldman Sachs COO Gary Cohn was trending after he said the Trump administration dislikes the rule because it’s “like putting only healthy food on the menu.”
White House will move to gut Obama's rule on retirement advice.
https://t.co/ejlRNbm7E6 pic.twitter.com/t2Imz0chPt — Nick Timiraos (@NickTimiraos)
February 3, 2017
Like only putting healthy food on the menu? Wow. Consumers - this means you must continue to be diligent in demanding fiduciary advice
https://t.co/1CFpqYicWm — Cady North, CFP® (@cadynorth)
February 3, 2017
The discussion should be about transparency for the investor, not the risk of the product.
https://t.co/njZLeg7O4m — Tom Grant (@thomaslgrant)
February 3, 2017
You might want to buy unhealthy food because it’s tasty.
Why would you want to buy an unsound investment product?
pic.twitter.com/ZplC2S4FJ5 — Matthew Yglesias (@mattyglesias)
February 3, 2017
Investment entrepreneur and Trump economic adviser Anthony Scaramucci, posted an op-ed column he wrote slamming the rule. On the other hand, former Obama administration officials and their supporters tweeted out the original rationale for the statute.
The Labor Department's
#fiduciaryrule would make sound retirement advice harder to get and more expensive#tbt https://t.co/c2c0Wok5GN — Anthony Scaramucci (@Scaramucci)
February 3, 2017
Here's a reminder of why
@USDOL issued the#fiduciaryrule in 2016 with strong support from@POTUS44 .https://t.co/ArEEWRc9Us — Seth D. Harris (@MrSethHarris)
February 3, 2017
Safeguards on financial system being trashed. DOL fiduciary rule dumped. Middle class financial crisis here we come.
#watchoutforrecession — Noel A. Poyo (@NpoyoA)
February 3, 2017
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Morgan Stanley and Advisor Group are moving ahead with changes despite the possibility that the Department of Labor's regulation could be reversed.
January 30 -
CFP Board and other supporters see the Labor Department's rule on retirement advice under assault, digging in for fight against administrative or legislative efforts to delay the rule.
February 1 -
The financier may be offered an ambassadorship or another job instead of appointing him to a top role advising President Donald Trump.
February 1
Advisers weighed in as well, some pointing out that the Obama administration’s six-year rulemaking process had raised public awareness around matters of fiduciary responsibility. Reactions ranged from snark to outrage to applause for President Trump’s order.
#Trump may rollback#DOL #Fiduciary rule,but investors will still ask & sh ask if their#financialadvisor is 1 becoz genie is out of bottle— Kashif A. Ahmed,CFP® (@AmericanPWealth)
February 3, 2017
A simple and effective Fiduciary rule would just be to legally make all finance peeps fiduciaries, able to be sued under a prudent man rule.
— James Osborne, CFP® (@BasonAsset)
February 3, 2017
As Trump gears up to delay DoL fiduciary,
@SenWarren office releases an updated list of annuity/insurance product sales incentives...pic.twitter.com/BXSMwhXVxH — MichaelKitces (@MichaelKitces)
February 3, 2017
FSI STATEMENT ON DOL FIDUCIARY RULE DELAY:
https://t.co/VECcKYMv2C #fiduciaryrule #fiduciary #retirement — Fin. Svcs. Institute (@FSIwashington)
February 3, 2017
#fiduciaryrule rollback in a nutshell: insurance stocks jumping.https://t.co/XgUTnj3YMG pic.twitter.com/dXiH8d5RI7 — Mark Miller (@RetireRevised)
February 3, 2017
The irony is that it will INCREASE the wealth gap. Rich people have access to fiduciary advisors while the mass market is sold annuities.
— Downtown Josh Brown (@ReformedBroker)
February 3, 2017
@ReformedBroker : Sr. Adm Official at WH last night cast this in terms of consumer choice and rolling back gov't overreach.— Eamon Javers (@EamonJavers)
February 3, 2017
In honor of Trump's move to kill much needed Fiduciary Rule I am wearing my Madoff shirt.
@140ltd @EileenAppelbaum @PRI_News @CtWInvGrp pic.twitter.com/Vl8ckymfVU — Jay Youngdahl (@Razorlobo)
February 3, 2017
There is a difference b/w acting in a client's best interest and conforming to a fiduciary standard.
#fiduciaryrule https://t.co/NItOr9C32O — Cato CMFA (@CatoCMFA)
February 3, 2017
Trump betrays the American people today.
#fiduciaryrule pic.twitter.com/EQUM6z5SoI — Ron Rhoades,JD,CFP® (@140ltd)
February 3, 2017
It wasn't perfect but
#fiduciaryrule was a step in the right direction. Disappointed if it's not implemented.— Patrick Ortman (@patortman)
February 3, 2017
Disastrous DOL Fiduciary Rule would do more to harm individual investors & cost them fees than "protect" them, but
#narrative is importanthttps://t.co/e7GhDBwUEu — The Counselor (@jamesdecker2006)
February 3, 2017
The end is near for the
#DOL #fiduciaryrule https://t.co/T0RsFygIuN — Bonnie Treichel (@btreichelesq)
February 3, 2017
