ERISA attorneys and benefits industry experts are encouraged by the final version of the Department of Labor’s new fiduciary rule, but they also note that the new requirements mean retirement plan advisers will need to rethink the way they work and get paid.

Rich McHugh, VP of Washington affairs for the Plan Sponsor Council of America, expects a movement toward flat or fixed fees for advisers. His comments were echoed by Michelle McCarthy, a partner with Fox Rothschild LLP, who believes commission and asset-based compensation will be curtailed or eliminated in the 401(k) space.

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