ENLARGE The Labor Department’s fiduciary rule is set to take effect April 10, 2017. The Labor Department’s so-called fiduciary rule, set to take effect April 10, 2017, requires brokers and others who give retirement advice to act in clients’ best interests. Merrill Lynch said it would ditch commission-based retirement products altogether, but other firms said they planned to use the exemption and continue offering commission-based products to retirement investors to varying extents. Could the fiduciary rule survive in watered-down form? Some experts say that because the financial industry has been preparing for the fiduciary rule for months, it may live on in spirit, if not in law.

Source: Wall Street Journal December 05, 2016 03:14 UTC