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The Fiduciary Rule – Now What?

Last week the U.S. Court of Appeals for the Fifth Circuit threw the fiduciary rule a curve with its 2-1 decision. In the wake of that decision, the Labor Department announced last week that it would not enforce the rule while it reviewed the decision. Leaving the industry in a state of, it seems fair to say, uncertainty.

Speculation is…rampant. No one knows for sure what will (or won’t) happen next, or what that might – or might not – mean for advisors, providers, plan sponsors or the savers who rely on those structures and counsel.

But, hey – why should industry pundits have all the fun?

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* 1. The Labor Department has said it's not going to enforce the fiduciary rule pending a review. What do you think they will do next?

Appeal the decision.

Appeal to the Supreme Court.

Call for an en banc hearing (hearing from the whole court) on the issue.

I can't even guess.

Nothing, but keep working on the analysis of the rule's impact.

Nothing.

Something else (please specify?

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* 2. What do you HOPE the Labor Department will do next?

Nothing, but keep working on the analysis of the rule's impact.

Call for an en banc hearing (hearing from the whole court) on the issue.

Nothing.

Take it to the Supreme Court.

Something - anything!

I can't even guess.

Appeal the decision.

Something else (please specify?

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* 3. In view of where things stand, what will you do?

We're still reviewing it as well.

Whatever my firm/boss says we'll do.

Not sure.

We'll continue to do what we have been doing, in compliance with the rule's current requirements.

We're already ready for the fiduciary rule (including the full BIC applicability)!

We're taking a pause...

Any comments?

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* 4. Regardless of next steps, where do you think this all comes out - eventually?

The SEC weighs in and takes the lead.

The fiduciary rule eventually takes full hold, but is SIGNIFICANTLY modified by the Trump Administrationi.

Fiduciary rule is applied to ERISA plans only - the accounts (IRAs) and investments that the DOL wasn't deemed to have control over before will revert to pre-fiduciary rule status.

Fiduciary rule is set aside, and we go back to the way things were.

The DOL completes its evaluation, concludes that the fiduciary rule as currently defined has a massive negative impact, and starts over.

The SEC weighs in, integrating its rule with that of the DOL.

OMG - I can't even guess.

The fiduciary rule eventually takes full hold, but later than currently projected (July 2019).

The fiduciary rule eventually takes full hold - but is modified by the Trump Administration.

The fiduciary rule eventually takes full hold, with the BIC full applicability, as currently scheduled.

Some combination of the above.

Any comments?

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* 5. Thoughts about the fiduciary rule, the recent court decision(s) on the fiduciary rule, the future prospects for the fiduciary rule, notions about when we'll quit referring to it as "the DOL's" fiduciary rule, things you'd like to ask EBSA head Preston Rutledge at the NAPA 401k SUMMIT, or life in general?

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* 1. The Labor Department has said it's not going to enforce the fiduciary rule pending a review. What do you think they will do next?

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* 2. What do you HOPE the Labor Department will do next?

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* 3. In view of where things stand, what will you do?

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* 4. Regardless of next steps, where do you think this all comes out - eventually?

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* 6. Suggestions for future survey questions?