As DOL Fiduciary Rule Takes Effect, the Focus is on Compliance. @DanBernstein talks with @GregIacurci (@newsfromIN).

“I think you’ll find different reactions over the next two to three months by firms,” said Daniel Bernstein, chief regulatory counsel at compliance consulting firm MarketCounsel. Some who are “pretty much at the finish line” already will continue on their trajectory, while “some will put their head in sand” until there’s clarity, Mr. Bernstein added. While the DOL has indicated it will not enforce the fiduciary rule in the interim as long as companies are “working diligently and in good faith to comply,” Mr. Bernstein said firms shouldn’t read this as a signal they can sit on their hands. “What may work today may not be deemed diligent and in good faith four months from now,” he said. MarketCounsel is an Englewood, N.J.-based firm that specializes in helping brokers transition to independence.

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