The Department of Labor’s Fiduciary Rule Is Alive and Well

For years, there has been debate surrounding what was and what should be the fiduciary duties of financial professionals. Case law has evolved, and sometimes statutes have been enacted, on a state-by-state, professional-by-professional basis to define those duties and obligations. However, inconsistent treatment of the issue persisted. The Dodd-Frank Act of 2010 gave the Securities and Exchange Commission (SEC) a mandate to determine whether there was confusion among the public regarding the duties and responsibilities of financial professionals and, if so, to devise a solution.