A news article posted by OnWallStreet on August 8th, 2016; caught our eye today. You can read the post by clicking OnWallStreet. Here, the author, Richard Stolz, writes about the ongoing conversation between lobbyists, judges, lawmakers, and brokers on the new Department of Labor regulations.
Specific Points to Take Note of in this Article:
The fact that how 401(k) rollovers are handled when participants retire or change jobs will indeed be affected by these new regulations.
Although this new rule has sparked many negative responses, many believe the rule will hold.
Multiple lawsuits are pending against the new DOL Fiduciary rule.
Republicans in Congress have proposed legislation to repeal the regulation.
It has been speculated that the outcome of the presidential election may very well affect whether or not this rule stays or goes.
Matthew Drinkwater, assistant vice president of the LIMRA Retirement Institute has been quoted saying that regardless of the moves against it, financial advisors and everyone involved should be inclined to start adjusting their business to be in line with these regulations, if they aren’t already.