Indeed, Cohn said that there is much the White House will be able to do to effect regulatory change without Congress, although the administration plans to work with Congress to address changes to Dodd-Frank.
For some in the industry, the changes may be coming too late.
“Many firms in these sectors have already taken steps and adjusted fees to restructure their businesses to comply,” Brian Gardner, an analyst at Keefe, Bruyette and Woods, said in a note to clients about the fiduciary rule. “We are skeptical whether many of them will reverse course simply because such a reversal may look like the firm is putting its interests ahead of its customers.”
This article was provided by Bloomberg News.