Is The Department Of Labor Fiduciary Rule Staying?

Marcia Wagner, a Wagner Law Group attorney and ThinkAdvisor contributor, told ThinkAdvisor Washington Bureau Chief Melanie Waddell she thinks the Department of Labor’s fiduciary rule will stay pretty much as is. Wagner said the entities affected by the rule have already expended a lot of resources and money on proper implementation. Wagner said the old 1976 rule is dated and there’s really no way to go back. She said there’s “no clear course of action if this rule doesn’t go forward.” Wagner also told ThinkAdvisor, in her view “the vector of this rule is the correct way to go for our country.” On June 9, part of the rule became law -- it will be in full effect on January 1. For Annuity News Now, thanks for watching.