A year after Trump’s executive order, the 5^th District Appellate court vacated the fiduciary rule, prompting this response from Speaker of the House, Paul Ryan:

“Pleased that the Obama administration’s fiduciary rule has been struck down by the courts. It was Obamacare for financial planners. This is more good news for the economy.”

Unfortunately Paul Ryan is under the same deception as many Americans, believing that the fiduciary standard would be costly to implement, and would thereby increase the cost of financial advice. However, while the cost of initial compliance for the fiduciary rule is approximately $4.7 billion, backdoor payments and hidden investment fees cost Americans $17 billion every year. With 31% of investors unaware of how much they pay in investment fees, and 32% of Americans falsely believing that higher fees generates higher returns, a lack of awareness is contributing to America's retirement crisis.

Skyline encourages its clients to be cost-conscious with their investments and to incite others to do the same. High fees can damage even the most substantial retirement savings. An increase in fees by 1% could decrease savings by 20% in retirement.

Learn more about investment fees and the fiduciary standard by following one of these links:

NerdWallet: Understand Investment Fees

CFP Board: Fiduciary Standard

Investment News: SEC Forging Ahead on Fiduciary Rule

Plan Advisor: Will SCOTUS Decide the Fate of the DOL Fiduciary Rule?