The Department of Labor Wednesday released its final fiduciary rule, which many employee benefit adviser firms and industry insiders across the country say could affect some adviser business models, but will likely have little impact on the work their firms produce. The complete impact of the rule remains to be seen, they agree.
“As an independent fiduciary adviser specializing in retirement plans, we believe the fiduciary rule will have very little impact on our business and service offering,” says Alex Assaley, managing principal of AFS 401(k). “Ultimately, we made the conscious decision many years ago to act in a fiduciary capacity because we truly believe it is important for employers and employees to receive objective and unbiased counsel for their retirement plan.”
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