© 2019 SourceMedia. All rights reserved.

After DoL delay, JPMorgan puts fiduciary plans on hold

JPMorgan Chase is delaying a plan to move some wealth-management clients to a self-directed platform as the bank awaits word on whether the Trump administration will rewrite or scrap the fiduciary rule.

The wealth manager previously told some customers who currently have human advisers they would be transferred this month to a system letting them manage their own retirement accounts.

In a follow-up letter to clients this week, however, the New York-based bank said it’s holding off on the changes. Meanwhile, “your financial adviser can continue to provide you with investment guidance and assist with any service requests you may have on this account,” the firm wrote.

Department-of-Labor-Bloomberg

A bank spokesman confirmed the contents of the letter and declined to comment further.

Shortly after taking office, President Trump signed an executive memorandum directing the regulator to review the measure, a move that’s left its fate in limbo.

The rule had been set to take effect this week, but the Labor Department moved to extend a deadline for compliance by two months as it continues the examination.

Bloomberg News