On May 22, 2017, the Department of Labor issued updated guidance for the fiduciary rule. You will remember that the fiduciary rule imposes certain obligations on investment advisors, and deems them fiduciaries towards their customers.
The rule goes into effect on June 9, 2017, with a transition period until January 1, 2018. At that time, further requirements take effect. For those advisors who have not yet familiarized themselves with the new obligations, or who thought the new administration might rescind the rule, now is the time to get up to speed and ensure compliance.