Chaos is the active word to best describe the impact of President Trump’s team of executive order writers, evidenced not only by the contentious ‘ban on immigrant visas’, but also when considering the walk back within hours of the President thinking he had signed an executive order to white wash the long-planned Dept of Labor initiative to impose a fiduciary standard on the the financial advisor community, better known as the Fiduciary Duty Rule.
Multiple financial industry news outlets have since reported that financial advisors are not out of the woods, despite the penmanship of the new President
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(RIAbiz.com)–Trump’s lightning-quick backtrack on executive order relating to DOL rule sows chaos in financial advice industry
The new late-day directive from the president casually strikes the six-month delay on the rule leaving lawyers with mouths agape..
A Trump administration effort to give the financial industry clarity about the fiduciary rule has thrown it into a state of chaos. The executive order sent by the President of the United States to the Department of Labor mandating a review of the fiduciary rule has changed it by either 180 days or 180 degrees — or both.
The main takeaway is the chaos itself around the flip-flop. “This is actually scary,” says Marcia Wagner, partner of The Wagner Law Group, echoing what another ERISA attorney said off the record. “I’ve been practicing law for 30 years and I’ve never seen anything like this.” See: A veteran securities lawyer takes centenarian stance that the DOL is still ‘suitability’ reworded, when boiling its 1,000-page ‘rule’ down to 16-page ‘guide’
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