Erin Sweeney Comments on Notable Changes Stemming for DOL Final Fiduciary Rule in Employee Benefit Adviser

"How the new fiduciary standard ups the ante for employers and advisers"
Employee Benefit Adviser
04.06.16Erin Sweeney commented on some of the most notable changes stemming from the U.S. Department of Labor's (DOL's) recently released final version of its fiduciary standard for advisers working with retirement accounts. The final rule applies to anyone giving investment advice, but significantly allows employers and their advisers to continue providing investment education without meeting the fiduciary definition. A beneficial change in the final ruling included delaying the requirement for new formal policies, procedures, disclosures and contract provisions until January 1, 2018, Sweeney said, and in addition, the DOL eliminated some of the most contentious requirements from its original proposal, including requirements to develop investment projections and distribute an annual disclosure to investors. In another notable change, the DOL eliminated the list of approved investments and indicated that advisers are permitted to provide investment advice with respect to all asset classes to investors, she said.
Related Files
Related Links