While there is uncertainty over whether the Department of Labor's fiduciary rule will become a reality under Donald Trump's administration, wealth management firms are still making preparations for the regulation's implementation.
Industry firms are showing this by getting ahead of the rule. Firms have been stating their intention to keep or eliminate commission-based accounts, whether to use the best interest contract exemption and, with the release of the regulator's guidelines, Morgan Stanley was the first to eliminate back-end bonuses in their deal. It’s a bit of a mad scramble of positioning f or firms in an effort to streamline the process and reduce confusion for adviser and investor alike. Strategically, there is a public relations conundrum, which begs the question, how does one spin this news positively?
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