Somewhere in Washington, someone at the Department of Labor must have a “Fiduciary Rule” dartboard. Every few years, they take a throw, hit a new buzzword, and decide it’s time for another rewrite. We’ve had more drafts of this rule than Rocky sequels, and at least with Rocky, you knew he’d eventually get up off the mat.
For plan providers, it’s déjà vu all over again. We’ve built policies, rewired procedures, rewritten disclosures, and retrained staff more times than I can count. Then, just when the industry adjusts, a new administration decides to “reimagine” what fiduciary really means. Translation: everyone spends six months reading proposed regs and pretending they understand them.
Here’s the truth, being a fiduciary isn’t about whatever version the DOL drops next. It’s about acting in the client’s best interest every single day, whether there’s a rule or not. The good providers don’t wait for Washington to tell them how to behave, they already have a compass.
Still, every time this roller coaster starts again, I keep my seatbelt fastened and my expectations low. Because unlike Rocky, this saga doesn’t end with triumph, it just resets for the sequel nobody asked for.
