April 26, 2016
- President, TD Ameritrade Trust Company
Managing Director of Advisor Advocacy & Industry Affairs
After six years of proposals and feedback, the Department of Labor (DOL) released its final “Conflict of Interest Rule” on April 6. Weighing in at a hefty 1,023 pages, it’s in a league with Dodd-Frank and the Affordable Care Act in brevity. And like those landmark bills, it will be years before we know the full set of impacts from this rule. I’m writing this less than three weeks after the release, and as someone recently said, “Right now, if you ask 3 lawyers what this rule says, you’ll get 5 different answers.” As someone else said, “’War and Peace’ rang in at 1,225 pages, and no one read that – much less thoroughly understood it – in a couple of weeks.” We are still reading and re-reading, and digesting the rule and various industry analyses, and trying to figure out how it will impact our business – and yours. One thing we can state with confidence is that it will impact all providers of investment advice to retirement investors.