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909 N. Mayfair Road
Suite 200
Wauwatosa, WI 53226

John Coloso

(414) 431-0488


DOL Fiduciary Rule Update Update

| July 10, 2017

A few months ago, we posted a blog regarding news that our then newly elected President had issued a directive to the Department of Labor (DOL) regarding its Fiduciary Duty Rule or “Conflict of Interest” Rule, which applies to IRAs and retirement accounts subject to the Employee Retirement Income Security Act (ERISA). The order requires the DOL to re-analyze the Rule to ensure that it does not adversely impact how Americans like you can receive financial advice. To facilitate this review, the DOL decided to roll back the implementation date from April 10 to June 9, and also determined that certain elements of the Rule would not go into effect until January 1, 2018.

I applaud the DOL’s delay to assess if further amendments to the Rule are warranted and to determine if certain requirements of the Rule should be further postponed. I am also encouraged that the DOL is actively calling for the Securities and Exchange Commission (SEC) to be part of the ongoing evaluation, and that the SEC has issued its own request for comments. My ultimate hope is that this process will benefit consumers and advisors alike in creating a fiduciary standard that applies equally to all investment advice and is also easy to understand.

As a financial advisor, I greatly support the goal of investor protection for all investor assets, not just retirement savings. I strive to do what is in the best interests of my clients in every interaction and firmly believe all financial advisors should do the same. To that end, I wholeheartedly support appropriate regulation and full transparency for investors, and I take the responsibility of complying with regulations from several agencies, and that of providing financial advice to my clients, very seriously.

As the various elements of the Rule went into effect on June 9, my clients can expect that they may receive additional disclosures or other information, or that I may ask them for some additional information that will be required under the new Rule during the coming months as we discuss their investments. For the most part, this will simply be business as usual and I will let my clients know of any impact to them and their accounts. Please rest assured that as always, my clients best interests are my primary concern and the highest focus of our business relationship.

 Please don’t hesitate to reach out to me at 414-431-0488 if you have any questions.