Erin Sweeney Quoted Regarding DOL Fiduciary Rule's Comment Period in BNA Daily Labor Report

"Fiduciary Rule's 'Hire Me' Exception Allows for Sales Pitches"
BNA Daily Labor Report
04.11.16Erin Sweeney was quoted regarding concerns raised during the U.S. Department of Labor's (DOL's) new fiduciary proposed rule's comment period about the ability of financial advisers to market themselves without becoming fiduciaries. Initially, there were concerns about being able to provide marketing materials or even making calls to prospective clients without asking someone to first sign a contract, Sweeney said. There was a worry that "the way the DOL had cast such a broad net," the fiduciary rule might "scoop in marketing materials," she said, adding that it would be "impossible for the advice provider to obtain a signed contract from each person who views the materials." The final rule outlines the difference between asking someone to hire an adviser and providing advice as whether the pitch can be described as a recommendation.
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