• Under a best-interest contract exemption (BICE), advisors to small business clients that sponsor 401(k) plans will not need to specifically state potential conflicts of interest to their fiduciary obligations.
• A list of assets eligible for BICE exemptions has been removed.
During a press conference, Perez emphasized the fiduciary rule doesn’t favor any particular retirement investments and doesn’t mean advisors will always have to recommend the lowest-cost product.
“A Yugo may be the lowest price car, but it is not a very good car,” said the labor secretary.
The DOL will be mounting an education initiative to make retail investors aware of their rights and to aid plan fiduciaries and fiduciary investment advisors in compliance.
Sometime Wednesday, the full text of the final fiduciary rule will be available on the Labor Department’s website, www.dol.gov, and the online version of the Federal Register (www.federalregister.gov). It is not known where the complete rule will appear first.
DOL Announces Major Changes To Final Fiduciary Rule
April 6, 2016
« Previous Article
| Next Article »
Login in order to post a comment
Comments
-
It seems that the current DOL bureaucrats are living in denial. The ill-conceived, overreaching DOL rules will almost certainly be deactivated in the next few months. The SEC, FINRA, and State Insurance Commissioners will be tasked with continuing to promulgate rules and regulations that will apply to all securities and annuity transactions. I think that these organizations have done a good job in the past, but there will always be the need to insure that there is an honest and level playing field for every investor. DOL will be told to butt out of IRA meddling in the next administration. Small account retirement savers will still be able to work with the financial professionals of their choice and pay either fees or commissions as they choose. Frank P, CLU, ChFC
-
It seems that the current DOL bureaucrats are living in denial. The ill-conceived, overreaching DOL rules will almost certainly be deactivated in the next few months. The SEC, FINRA, and State Insurance Commissioners will be tasked with continuing to promulgate rules and regulations that will apply to all securities and annuity transactions. I think that these organizations have done a good job in the past, but there will alwasy be the need to insure that there is an honest and level playing field for every investor. DOL will be told to butt out of IRA meddling in the next administration. Small account retirement savers will still be able to work with the financial professionals of their choice and pay either fees or commissions as they choose. Frank P, CLU, ChFC