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DOL Fiduciary Rule Kicks in June 9 – Advisors to Retirement Investors must be Fiduciaries or Face Penalty

DOL Fiduciary Rule Kicks in June 9 – Advisors to Retirement Investors must be Fiduciaries or Face Penalty

The Department of Labor’s Fiduciary Rule will officially kick into effect on June 9, 2017, with full implementation by January 1, 2018. As of June 9, all advisors to retirement investors must adhere to “impartial conduct standards”, meaning they must give investment advice that is in the best interest to the client, charge for reasonable compensation, and make no misleading statements. This differs from the suitability rule that broker/dealers adhere to, which states that a broker need only to believe that recommendations given are consistent with the interests of the client’s financial needs at the time, but that does not mean they must be in the client’s best interest.

Labor Secretary Alexander Acosta confirmed on May 22, 2017 that the fiduciary rule will become applicable on June 9, 2017. The implementation of the rule, originally set for April 10, has been delayed 60 days in order for the DOL to reassess the regulation under a directive from President Trump.

Joseph Walsh, CEO of Walsh & Associates, a financial planning firm, urges local citizens to consider finding a financial advisor who already acts as a fiduciary. Much like a doctor’s Hippocratic Oath, the fiduciary rule holds an Investment Advisor responsible for maintaining a high code of ethics. It requires standards that are more stringent than the suitability standard.

While the fiduciary rule will be in effect on June 9, the DOL will not be enforcing any parts of the rule until January 1, 2018. This is also assuming that the rule won’t be permanently shelved by the Trump Administration before January 1.

Walsh & Associates offers comprehensive fiduciary financial planning services and has a fiduciary relationship with every client. Acting in good faith and with the client’s best interest in mind, Walsh & Associate’s financial advice is objective, honest, and confidential. Should the DOL Fiduciary Rule be permanently delayed, Walsh & Associates will still act as a fiduciary regardless.   

Citizens interested in learning more about the fiduciary requirement for advisors to retirement investors are welcome to contact the Walsh & Associates office at 941-952-1188 or email This email address is being protected from spambots. You need JavaScript enabled to view it..  

About Walsh & Associates

Walsh & Associates is an Investment Advisor registered with the Securities and Exchange Commission, with locations in Sarasota, FL and DeKalb, IL. Joseph Walsh, MBA, CFP®, CFA®, CRPC®, is President and CEO of Walsh & Associates and has more than three decades of experience as a financial advisor. Walsh & Associates is a full service, fee-based financial planning firm, specializing in their Red Flag Audit® procedure. Walsh & Associates focuses on building a foundation of trust by offering personal service and innovative wealth management strategies, as well as placing an emphasis on education and industry knowledge.

Securities offered through LPL Financial Member FINRA/SIPC. Financial Planning and investment advice offered through Walsh & Associates, a registered investment advisor and separate entity from LPL Financial.


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