OUR COMMITMENT TO ADVOCATE FOR YOU NEVER WAVERS
You can add June 9, 2017, as the latest significant date to the running timeline for the Department of Labor's fiduciary rule, following:
- April 6, 2016 -- The DOL announces that, effective April 10, 2017, financial advisors who provide retirement investment advice will be required to put investors' interests ahead of their own.
- February 3, 2017 -- President Trump asks the DOL to analyze the wide-ranging impact that the rule will likely have on investors.
- April 7, 2017 -- The DOL announces that implementation of the rule will be delayed for at least 60 days.
- May 22, 2017 -- Department of Labor Secretary Alexander Acosta writes in a commentary for The Wall Street Journal that the delay of the implementation will not extend beyond June 9, the aforementioned date when two provisions will go into effect. The remaining provisions are scheduled to go live January 1, 2018.
These recent developments appear to be a victory for proponents of the fiduciary rule. How decisive and lasting a victory remains to be seen. Barbara Roper, director of investor protection at the Consumer Federation of America, told InvestmentNews, "We won for now. We're in a better position than I thought we would be in February. I'm still concerned that key provisions could be gutted."
Acosta, in fact, has said more public comment will be gathered to reassess the rule, which could lead to revisions or even an overhaul of the regulation.
As the fiduciary rule remains a moving target, we want to keep you abreast of the latest. We also want to remind you of what remains constant: our commitment to being a fiduciary. We've voluntarily, legally embraced this standard to always act in your best interest.
Does San Gabriel Capital Serve us as a Fiduciary?
A: Yes. We do take on Fiduciary responsibility for investment selection and monitoring. As a Fiduciary, we reduce your liability and must put the interests of our clients first. As a fiduciary advisor, San Gabriel Capital serves as your true partner, helping you to satisfy this most important obligation
Being a fiduciary is at the core of who we are at San Gabriel Capital. We proudly, fiercely serve as your advocate as you strive for your highest goals.
Have a great day,
San Gabriel Capital, LLC