Yesterday Washington saw a bitter standoff between fiduciary rule opponents and advocates in a meeting of the House Education and Workforce Subcommittee on Health, Employment, Labor, and Pensions. The battle was over whether the fiduciary rule should see a further implementation delay beyond June 9th. One of the key arguments to be voiced was that the recent ICI survey shows that in advance of the rule’s implementation advisors are already dropping thousands of smaller clients, proving one of the key critiques of the rule.
FINSUM: We have received some emails asking whether we think the fiduciary rule will ever be implemented so we thought we should share our view with all readers. Our opinion at present is that it will be delayed again before June 9th and then ultimately never be put in place (either through a legal victory, or Congressional legislation).