The Labor Department has sent its latest version of the fiduciary rule update to the Office of Management and Budget for a final review.
Once it's approved by the OMB, the updated rule, which aligns with the Securities and Exchange Commission’s Regulation Best Interest, would be released by the Labor Department and published in the Federal Register.
The approval and release of the updated rule may be moot, however, since the timing of its review and publication makes easy nullification possible by the incoming Biden Administration.
“If there’s not a second term of the Trump administration, it’s quite likely that the DOL fiduciary rule, as the Trump administration envisions, is a dead letter,” Brad Campbell, the former head of the Labor Department’s Employee Benefits Security Administration, told participants in a recent webcast conducted by Faegre Drinker, where he is a partner.
Campbell said the update would had to have been filed by last Friday, Nov. 20, to avoid the issue.
From outstanding individuals to innovative organizations, find out who made the final shortlist for top honors at the IN awards, now in its second year.
Cresset's Susie Cranston is expecting an economic recession, but says her $65 billion RIA sees "great opportunity" to keep investing in a down market.
“There’s a big pull to alternative investments right now because of volatility of the stock market,” Kevin Gannon, CEO of Robert A. Stanger & Co., said.
Sellers shift focus: It's not about succession anymore.
Platform being adopted by independent-minded advisors who see insurance as a core pillar of their business.
RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.
As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.
