The 2 Biggest Fights Brewing Over DOL’s New Fiduciary Rule

November 14, 2023 by Melanie Waddell

Industry officials have been poring over the Labor Department’s new fiduciary rule since it was released on Oct. 31, and while there are many noteworthy aspects to the plan, its treatment of rollover advice and insurance agent status is catching the most attention.

One of the most glaring parts is that Labor’s new fiduciary proposal, the Retirement Security Rule: Definition of an Investment Advice Fiduciary, “makes a single recommendation a fiduciary recommendation,” ERISA attorney Fred Reish of Faegre Drinker told me in a recent interview. “That is particularly important regarding rollover recommendations.”

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Originally Posted at Think Advisor on November 10, 2023 by Melanie Waddell.