The Department of Labor's fiduciary rule had a "soft opening" on June 9, 2017. The full implementation of the DOL rule had been set for January 1, 2018, but will now be delayed until July 2019.
The delay did not come as a complete surprise as many expected it after the President instructed the DOL to re-examine the effects of the rule. Further, financial service companies would likely need more time to make any additional changes.
The first phase of the rule, perhaps the one with the greatest impact, required all providing financial advice on retirement assets to act as fiduciaries. For most companies, adjusting to these standards has led toward improved practices.
Read more about the delay and what it could mean moving forward.