According to its proponents, the new rule is intended to help ensure that financial advisors work in the best interests of their clients.
Are you in the financial industry?
Are you planning to retire someday?
If so, the new rule will affect you.
The rule requires financial advisors to make investment recommendation that serve the best interests of their clients rather than recommendations to create greater profits for the advisors and the financial institutions they represent.
When will this go into effect?
According to a recent nj.com article titled “Trump adds new delay to Booker-backed rule designed to help retirees,” the law in effect June 9 and was set to be fully implemented by January 1.
President Trump recently announced a delay to the full implementation of the fiduciary rule.
The announcement came with mixed reviews, as expected.
Some believe this delay will only prolong abuses by some financial advisors.
Others believe the delay will allow for a more effective rule when fully implemented.
After all, it is always better to measure (at least) twice and cut once.
Either way, changes benefiting those who are planning for retiring are coming.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: nj.com (November 28, 2017) “Trump adds new delay to Booker-backed rule designed to help retirees”