Investment Advice Rules On Standby, Targets End Of 2021
President Joe Biden took office with an overflowing plate of items requiring immediate attention, and the Department of Labor’s investment advice rule was nudged to the side.
The new administration didn’t even withdraw the Trump administration rule, preferring to let it take effect Feb. 16 and worry about working to change it later. The Biden DOL assured the industry that those changes are coming in the form of a guidance.
But prominent analysts say not to expect much to change in the short term. Instead, advisors and agents should be focused on compliance with the rule by the end of 2021.
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