LABOR DEPARTMENT: Proposal to broaden who is a fiduciary
A proposed Labor Department rule would broaden the definition of “fiduciary.” Under the proposal, anyone providing investment advice…
A proposed Labor Department rule would broaden the definition of “fiduciary.” Under the proposal, anyone providing investment advice to a retirement plan or its participants for a fee or other compensation would be considered a fiduciary. The proposal is an effort to update a 1975 federal regulation that the department says limits its ability to protect plan participants from potential conflicts of interest. The expansion of the “fiduciary” definition threatens to shake brokers and agents out of the retirement plan market and tilt the business toward registered investment advisers. For more details, click here. For recent articles, click here and here.
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