Some of us have seen the stories and read the news regarding the DOL’s fiduciary rule and the Fifth Circuit Court of Appeals decision to vacate the rule.
This result was certainly a welcome surprise for our industry, but there are things you should know about this ruling: First and foremost, the rule still exists! The ball is currently in the DOL’s court and they can decide to appeal this ruling, or to back away and accept it.
If the DOL appeals, we’ll have to wait for the next court’s decision. If the DOL decides not to press forward legally, the ruling should stand.