Here Are the ‘Big-Picture’ Principles of New Fiduciary Rule: DOL Official

November 6, 2023 by Melanie Waddell

Tim Hauser, associate solicitor at the Labor Department’s Employee Benefits Security Administration, described Friday the “big-picture” principles behind Labor’s new fiduciary definition.

The “animating principle” behind the definition, Hauser said at the American Law Institute’s life insurance products conference in Washington, is that “if you’re holding yourself out as an investment professional, providing an individualized recommendation to somebody, that you’re holding yourself as being based on their best interest as a retirement investor, you ought to be held to that.”

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Originally Posted at Think Advisor on November 6, 2023 by Melanie Waddell.