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Advisors snapped to attention when Secretary of Labor Alexander Acosta said in a surprise commentary in The Wall Street Journal that the Department of Labor would not further delay the first stage of the fiduciary rule's implementation. The Labor Department did back off some of the compliance requirements for the rest of this year, however, and said it plans to collect more information. What does this mean for advisors and other wealth management specialists? Scroll through to see 10 things you need to know right now about the fiduciary rule.
Applies to IRAs
The fiduciary rule applies to investment advice concerning IRAs, ERISA plans and plans covered by Section 4975 of the Tax Code.