Fiduciary Rule Struck Down But Plan Sponsors Not Off the Hook

Despite a circuit court ruling that essentially (at least for now) nullifies the Department of Labor's consumer protections, retirement plan sponsors still need to do the right thing … or else. And consumers need to keep an eye out.

(Image credit: alfexe)

On March 15, 2018, the 5th Circuit Court vacated the entire DOL fiduciary rule. The decision essentially nullifies the rule, which was designed to require financial professionals to put their clients’ needs ahead of their own when advising them on retirement accounts. It was first put in place in 2016, and then subjected to a series of delays.

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John Riley, AIF
Chief Strategist, Cornerstone Investment Services

In 1999, John Riley established Cornerstone Investment Services to offer investors an alternative to Wall Street. He is unique among financial advisers for having passed the Series 86 and 87 exams to become a registered Research Analyst. Since breaking free of the crowd, John has been able to manage clients' money in a way that prepares them for the trends he sees in the markets and the surprises Wall Street misses.