After nearly five years of waiting, the Department of Labor has released its proposal to amend the regulation governing ERISAs fiduciary definition. The proposed fiduciary rule aims to expand fiduciary duties to those who provide investment advice. With expert analysis and reaction, EBA is covering the highly anticipated unveiling of the rule. Here you can find our complete coverage on the proposed rule:
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.
The DOL has released its highly anticipated proposed fiduciary rule. The rule is "softer than expected," according to Tony Franchimone, a principal at Retirement Benefits Group, but promises to help advisers support and educate their clients.
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, says EBA Advisory Board member Jerry Kalish.
The Department of Labor Tuesday unveiled its much-anticipated rule proposal extending a fiduciary standard to thousands of brokers and advisers providing investment advice to clients on retirement accounts but details on enforcement were still forthcoming.
The much-anticipated rule that provides a new definition of who is a fiduciary was released by DOL 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: Chris Markowski, founder of Markowski Investments, says the DOL proposed fiduciary rule is a needed one to protect plan sponsors from bad advice, but he adds, the DOL will need to dig deeper to remedy core problems of our industry.
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: The new proposal will provide greater transparency regarding fees and a uniform definition of who is a fiduciary.
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