The Department of Labor (DOL) has announced an 18-month extension of the Transition Period for the Fiduciary Rule exemptions.
The final rule will extend the Transition Period from January 1, 2018 to July 1, 2019. The additional time will allow the DOL to complete the review mandated by the President’s Executive Memorandum. In addition, the DOL’s non-enforcement policy will be extended through July 1, 2019.
It is important to note that the definition of Fiduciary and the Impartial Conduct Standards will continue to remain applicable during the extended Transition Period.
We have also been told that several carriers will begin spot checking new business for compliance with the rule as it is now. We strongly encourage our advisors to consult us here at Able Financial Group prior to writing new business to ensure that you have all of the correct forms and processes in place.
If you have any questions, please don’t hesitate to contact us at 855-790-2253.
Able Financial Group