“While the delay is not a surprise, it is still extremely disappointing,” said Rosenbloom in emailed comments. “This should have been a great month for retirement savers as the rule was originally set to be implemented on the 10th. Instead, the bottom lines of the big institutions have won again at the expense of retail investors. Public comments opposing a delay outnumbered those supporting a delay by more than 10 to one. The DOL should keep this in mind, as well as its own extensive analysis of the harm associated with conflicted advice, as it moves forward.”
The DOL continues to accept comments on the rule. Thus far, sentiment seems to have been in favor of allowing the rule to go into full effect as is. The department announced that it had received 15,000 comments in support of a delay, versus 178,000 comments opposing any delay as of March 17.
Yet the rule’s critics from within the industry, like Paul Schott Stevens, president of the Investment Company Institute, indicated on Wednesday that they will press for more time.
"ICI welcomes the Department of Labor's delay of the original implementation date of the agency's fiduciary rule until June 9, but additional time is critically needed," Stevens said in a released statement.