There was a push, several years ago, to hold investment advisors for retirement accounts to a fiduciary standard. Of course, the investment advisor community was shocked and horrified at the prospect of being forced to put their client’s interests ahead of their own. The advisor community won.
As offered here before, in other contexts, folks like you and me are nothing but ledger entries under “sources of funds”.
The Department of Labor (DOL) fiduciary rule, was originally scheduled to be phased in from April 10, 2017, to Jan. 1, 2018.1 As of June 21, 2018, The U.S. Fifth Circuit Court of Appeals officially vacated the rule, effectively killing it
Must not “burden” TPTB.
The Fifth Circuit Court of Appeals, based in New Orleans, vacated the fiduciary rule in a 2-to-1 decision, saying it constituted “unreasonableness,” and that the DOL’s implementation of the rule constitutes "an arbitrary and capricious exercise of administrative power."17 The case had been brought by the U.S. Chamber of Commerce, the Financial Services Institute, and other parties. Its next stop could be the Supreme Court.
Has anyone heard anything further on this issue, since 2018?