BONUS Fiduciary Rule Q/A

Jill on Money with Jill Schlesinger

Audacy

Education, Investing, Business, Self-improvement

4.6 • 1.9K Ratings

🗓️ 18 April 2017

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

On April 10th, the Department of Labor's Fiduciary Rule was scheduled to go into effect. It didn't happen. Instead, there's now at least a 60 day delay. What does this mean and what should consumers expect going forward? Will this rule ever be implemented? To discuss these questions and more, I held a brief round-table discussion with Jon Stein, the CEO of Betterment, Maureen Thompson, Vice President of Public Policy at the CFP Board and Micah Hauptman, Financial Services Counsel at the Consumer Federation of America. Our BONUS call of the week will return next Tuesday, so if you have a question, email us at askjill@betteroffpodcast.com.

Transcript

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0:00.0	Okay, it is April 10th, 2017, the day that we should be celebrating that the fiduciary
0:10.7	standard would become the law of the land in the United States.
0:14.6	Instead, we're sitting shiva or having a funeral or awake depending on who you are and
0:19.6	what you celebrate or don't celebrate.
0:21.9	We're here with John Stein, the CEO of Betterment,
0:24.4	Mika Hopman, the Financial Services Council at the Consumer Federation of America,
0:29.3	and Maureen Thompson, the Vice President of Public Policy at the CFP Board, and John, I was just saying before we went on the
0:36.4	year that this was supposed to be our big celebration.
0:38.6	Now I'm kind of bummed out.
0:40.3	What are we supposed to think about?
0:41.8	What does April 10th mean now?
0:43.8	April 10th was supposed to be the day that anyone who's getting advice about their retirement
0:49.4	accounts has to be receiving fiduciary best interest advice on those accounts.
0:55.0	The rule has been delayed at least 60 days and we were talking this morning on a panel about what this means for the future of the rule.
1:05.1	It's not good.
1:06.7	It's a bit of a downer.
1:08.8	There's a lot of ways that this rule could be killed.
1:11.4	There is some hope and there are reasons to believe it's
1:14.6	going to be hard to change the role that it has a lot of momentum and it's kind of
1:18.2	anybody's guess. There's arguments on both sides about this.
1:21.1	Can I hear the upside please? Who wants to do that?
1:24.8	Micah or Marine, who wants to give me the upside of like the potential for
	...

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