Erin Sweeney Quoted Regarding Concessions Made in DOL Fiduciary Rule in Institutional Investor

"New DoL Fiduciary Rule Creates Opportunities for Fund Industry"
Institutional Investor
04.11.16Erin Sweeney was quoted regarding some of the compromises made in the U.S. Department of Labor's (DOL's) recently released final fiduciary rule. Having worked on writing regulations in a prior role as senior benefits law specialist with the DOL, Sweeney thinks some of the changes made in response to industry feedback needed to be made, but also has concerns about how brokers and advisers will be able to disclose that they are required to use a fiduciary standard. "As written, advisers and brokers can put the new, required disclosures as another page in account-opening materials," Sweeney said. That could make the standard less obvious to new investors or to those who think such a rule is already in place and in an age of blindly signing off on legal agreements that come with everything, it's not a stretch to think these new requirements could get lost in the shuffle, she added.
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