Summary: If you’re like many RIAs, you take pride in the fact that you always act in the best interests of your clients. You don’t sell high-commission products like nontraded REITs or equity index annuities. So you might be assuming that the Department of Labor’s fiduciary rule, which begins its phased implementation on Friday, doesn’t apply to you.
 The bottom line is this: If you are an advisor, you must not assume that you are in compliance with the new rule. Assuming it is fully implemented on Jan. 1 as scheduled, it represents a new way of doing business for all of us, and it's important that we all recognize that."Ric Edelman, Executive Chairman, Edelman Financial Services |
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