Many advisers dissatisfied with their current broker-dealer and anxious about how well they are positioned in a post- DOL landscape are still hesitant to make a move.
Some of the more exotic ETF strategies may be difficult to defend as being in a client's best interest.
But without enough votes to overturn a threatened presidential veto, assistant secretary of Labor Phyllis Borzi calls the action 'the usual Washington Kabuki theater.'
New regulation has broad reach, so when in doubt, use the best interest contract exemption, assistant secretary says.
The DOL fiduciary rule will forever change financial advice, and the industry now faces the challenge of adapting to the new regulation.
Sen. Johnny Isakson, R-Ga., said the Senate likely will vote on a resolution of disapproval. He also plans to advance a separate bill to halt the regulation. (More: This insurance group likely to be first to file DOL fiduciary lawsuit )
Plus: Measuring Jim Cramer's performance, personal finance myths, and Social Security misconceptions
It's difficult to count on the grandfathering exemption if advisers plan to make ongoing recommendations in an acccount.
Now that all retirement advice must be in a client's best interest, prospects are going to hear from every type of adviser that they act as fiduciaries.
The world leads, the U.S. follows.