DOL Rule
That may change if a regulation proposed by the U.S. Department of Labor in October is adopted. The rule would apply a fiduciary standard to firms advising employers about which investments to offer and workers about what to do with their savings when they retire.
Bank of America's Sieg said his firm will be able to claim market share by winning the plans of corporate customers of its banking business.
"We have access to more client companies than any other firm in the marketplace," Sieg said. "We're just beginning to scratch the surface of that opportunity."