On Tuesday, the Department of Labor released its much-anticipated rule proposal extending a fiduciary standard to thousands of brokers and advisers providing investment advice to clients on retirement accounts. As the days follow, check back for coverage and analysis of what to expect during the 75-day notice and comment period.
The much-anticipated rule that provides a new definition of who is a fiduciary was released by the Department of Labor this week to much fanfare. And while most people agree there wont be much impact on plan sponsors, there are passionate groups on both sides of the aisle fighting for or against this new proposal.
Commentary: By shifting some of the focus to the advisers, the DOL is getting closer to the heart of the problem, but it still doesnt go far enough.
Commentary: Both fiduciary and non-fiduciary advocates are likely to find some language that appeases them in the Labor Department's new Proposed Rule to greatly expand the application of fiduciary duties to those who provide investment advice to most qualified retirement plans and IRA accounts but both sides will also find language which causes much concern.
Commentary: ERISA lawyer shares 9 initial reactions to the Department of Labors proposed fiduciary definition rule, including how the proposal differs from the DOLs 2010 effort.
Commentary: The new proposal will provide greater transparency regarding fees and a uniform definition of who is a fiduciary.
Commentary: Administration's headline on fee disclosure speaks for itself, but meanwhile, keep an eye on two more decisions on adviser fee disclosures that are on the horizon.
