For more than 15 years, using advanced technology consisting of call handling equipment, Integrated Voice Response (IVR) technology, and proprietary software, Istonish has provided third party verification (TPV) services to the cable and telecommunications industry.
On April 4, the U.S. Labor Department announced it was extending the applicability date for its controversial Fiduciary Rule. The Rule would require advisors to retirement investors to place their clients’ interests ahead of their own, and to charge no more than reasonable compensation for their services. As of this writing, the 60-day extension means the Rule will now take effect on June 9, 2017, instead of April 10. This will allow time for the Labor Department to review whether it would limit access to retirement information and advice
In the meantime, a number of opponents are pursuing lawsuits to kill the Rule completely. While rulings to date have generally favored the Fiduciary Rule, legal maneuvers will no doubt continue. But for many firms, it won’t matter – they’ve either already left the market, or already spent millions preparing for the original April 10 implementation date.
It may sound inconceivable, but I recently realized that as an employer and the trustee of my company 401(k) plan, I’m at risk of being sued by plan participants who are unhappy with their returns. I didn’t think this was even possible since I’m not the person responsible for managing the funds under management.