While much of the financial industry celebrates, many advisors responded with confusion and frustration after a federal court struck down the Department of Labor’s fiduciary rule on Thursday.
Industry organizations, watchdogs and pro-fiduciary advisors expressed their disappointment in the decision in public statements on social media.
Knut Rostad, president of the Institute for the Fiduciary Standard, did not hold back his dismay in a Friday e-mail:
“The 5th Circuit’s decision is a national tragedy,” Rostad wrote. “Its harms are well known, predictable and calculable.