When the most frequent answer in a poll of retirement industry members is "I can't even guess," you can understand the depths of uncertainty regarding the fiduciary rule.
Thirty percent of the respondents in a recent weekly poll by the National Association of Plan Advisors served up a big question mark when asked what would happen to the fiduciary rule following a 2-1 decision by a federal appeals court panel in March to throw out the regulation. The unscientific poll of about 100 members of NAPA offered several definitive opinions, too, with 19% saying all of the judges in the 5th U.S. Circuit Court of Appeals in New Orleans should review the case.
However, 17% said Department of Labor officials should do nothing "but keep working on that analysis of the rule's impact called for by President Trump more than a year ago," said the association's email newsletter, NAPA Net Daily. Another 12% simply said the DOL should do nothing. The poll also showed 12% said they expect the Labor Department to appeal the case to the U.S. Supreme Court.
The DOL is expected to act by the end of April or early May.