So, after all the buildup and shifting of financial advising strategies throughout the industry to comply with the Department of Labor’s (DOL) Fiduciary Rule – which would apply a fiduciary standard to any advisor dealing with retirement planning, the President Trump has issued an Executive Order rolling back that rule and preventing it from going into affect. But, will it have that substantial of an impact? Maybe not.
Most Firms Have Already Changed
This ruling from the DOL has taken quite a while for firms to adapt. Some have left the market entirely. This is all well before the deadline for the rule to go into affect. Training, internal policies, marketing, and internal regulations have already been changed in anticipation of this rule. It’s unlikely that all of that work will just be undone just because the ruling was withdrawn. Some advisors, Certified Financial Planners (CFPs) for instance, already held themselves to a fiduciary standard, and the rule or lack thereof will not change that.
There Will Be Some Who Take Advantage
There are currently, and now will still be, some “financial advisors” who take advantage of people and sell them products that are not in the client’s best interests. The DOL rule was meant to prevent this sort of thing from happening. Now, advisors who may have been substantially impacted by the rule will now be spared – and that’s potentially dangerous for the general public.
Caveat Emptor (Buyer Beware)
For now, consumers will largely be on their own when it comes to determining whether an advisor has their best interests at heart when developing a financial plan. If you find yourself seeking a new advisor (or are seeking one for the first time), do your research and inquire whether the advisor is a fiduciary or whether he or she holds himself or herself to a fiduciary standard.
Author Bio
Paul Yokabitus
Founder & Estate Planning Lawyer
Paul Yokabitus is the founder of Cary Estate Planning, where he helps North Carolina families protect what matters most through wills, trusts, probate, and special needs planning. Known for his “planning, not paperwork” approach, Paul turns complex legal concepts into clear, practical strategies so clients feel informed and confident at every step. He has been recognized as a Business North Carolina Legal Elite attorney and a Super Lawyers Rising Star, and was named to the Triangle Business Journal’s 40 Under 40. A graduate of Campbell University School of Law, Paul lives in the Triangle with his wife, Alix, and their two sons.
Linkedin | Avvo | SuperLawyers
How We Help North Carolina Families
Paul and his team at Cary Estate Planning are fully committed to creating a personalized experience to develop thorough and comprehensive estate plans. They value their clients and go above and beyond to make sure that no details are missed. I would highly recommend Paul to anyone looking to create an estate plan.
I was referred to Paul by my Real Estate Attorney and I could not say enough about how exceptional the client service has been from everyone I spoke to. The communication is prompt and I feel like they really took the time to answer all my questions and set things up exactly as I wanted, but also recommended things to make it easier on my family down the line.
After attending one of Paul’s estate planning seminars, my husband and I knew we wanted Paul to assist us with our estate planning. His honest, professional approach to this necessary part of life put us at ease with the process. We will continue to recommend Paul and Cary Estate Planning.
We had a great experience working with Paul Yokabitus and the team at Cary Estate Planning to set up our Will and Estate Plan. The process was clear and easy, and in the age of COVID, our signing session was very well done, easy, and safe.
The Cary Estate Planning team will make sure that you have the information you need to be confident in your estate planning decisions. I learned so much from videos, a one-on-one in-person consultation, the website, emails, and a newsletter mailed the old fashioned way. The fee is very reasonable given the importance of estate planning. No matter the size or number of your assets, don’t procrastinate like I did!
Paul is a masterful attorney. He’s very good at taking your intentions and defining that into a durable Trust and Will. Best of all he is as simple and plain-spoken as you like. Or as fast as intellectual as you may be. It’s all about your your speed and your desired outcomes. Would strongly recommend this firm.
Trusted Estate Planning
Attorney Offices in Cary, Raleigh, and Chapel Hill
Capability to meet virtually to help all NC residents
