The Labor Department's fiduciary rule has had quite a week, and the debate over the controversial rule that requires financial advisers to put their clients' best interest first is only getting started.
While the court ruling favored DOL, the fiduciary rule may see further challenges in the days ahead. Late a year ago, federal judges in Washington, D.C., and Kansas upheld the rule.
On Feb. 3, President Donald Trump ordered the Labor Department to review the fiduciary rule - a move widely interpreted as an effort to delay or kill the regulation. The department re-proposed the rule in April 2015 and made it final on April 6, 2016.
Judge Barbara M.G. Lynn took note of the presidential memorandum in a footnote of her decision. Although there is no delay now imposed on the implementation of the Fiduciary Rule (as was widely reported and included in a draft version of the Memorandum), the DOL likely will need to postpone the scheduled April 10, 2017, effective date to conduct the review process.