Yeske Buie in the Media: A New President and Fiduciary: What Happens Next?
We have shared in this space before Yeske Buie’s thoughts on the Department of Labor’s ruling to broaden the definition of fiduciary investment advice and how and why Elissa and Dave have been promoting the fiduciary standard. With President Obama being a supporter of the fiduciary rule, many are questioning whether or not the ruling will be challenged with a new President coming into office.
Dave and other professionals shared their thoughts on this concern with Ann Marsh, Senior Editor of Financial Planning Magazine. By and large, the professionals interviewed do not anticipate any change in the ruling. Dave provided two reasons as to why he feels this is the case:
First, these kinds of rules and regulations are not easily changed, so the fact that the Department of Labor has developed and rolled out this rule [means it] is going to be hard to undo.
Second, the public and media awareness is so much higher than it’s ever been before. I’ve had calls and emails from Clients about this unlike any other public policy issue ever. I’ve literally had a Client call and ask, “are you a fiduciary?”… That’s powerful.