Fiduciary rule postponed

The Department of Labor officially postponed the fiduciary rule that was set to go into effect next week.

Now, the Obama-era regulation is slated for June 9.

The rule would require all financial advisers to act as fiduciaries, or in other words, in their clients’ best interest when advising people on their retirement savings.

“The delay reflects one simple reality – that this rule was unworkable and is already starting to boomerang on retirement savers who are facing fewer choices and less advice," U.S. chamber Chief Policy Officer Neil Bradley said in a statement. "If done the right way, investors can be protected with a best interest standard that also expands rather than restricts the retirement options of millions of Americans.”

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