DOL Ruling Delayed?
About the author: Chris Abts is the President & founder of Cornerstone based in Reno, NV. He helps people to better manage their wealth so they can focus more of their time on what truly brings meaning and fulfillment to their life. Abts is also a best-selling author and TV show host of Redefining Retirement, which airs every Sunday evening at 5:30pm on KTVN Channel 2.
As many of you are aware, the Department of Labor (DOL) has been working to implement a rule requiring all financial professionals who provide advice concerning retirement accounts to act as a fiduciary, which means putting your interests ahead of their own. The vast majority of the financial industry has been fighting to stop this rule, saying the DOL has exceeded its authority and feel it is a misguided rule that will harm retirement savers and financial services firms. We disagree. Over this past week, our current President signed an order to delay the full implementation of this rule until his administration can review it. Regardless of political administrations changing, and lobbyists and elected officials working to change the rules to serve special interests, we strongly believe that every person and company in the financial industry should be required to put your interests first.
Even though the full regulation of the DOL’s ruling may not be implemented, we hope that just the threat of a change in rules will help clean up the financial industry in favor of you, the average investor. Until then, we continue to be committed to doing our best for the families we serve.
As most of you know, Cornerstone is a Registered Investment Advisory firm. This means that we are held to a higher standard than most other financial professionals, the fiduciary standard. As a fiduciary firm, we already act in our client's best interests at all times, meaning we are fully transparent and do not have conflicts of interest. So regardless of whether this rule goes into effect as it stands, or whether there are changes or delays, rest assured that we have always operated as a fiduciary and will always act as a fiduciary because that is what we believe you deserve.