Stevens said a better approach than the DOL’s rule would be for Congress to establish rules for all financial advisors for all accounts.
For mutual fund companies to comply effectively with the rule, Stevens said, they will need to know if a suggestion that a potential IRA-holder consider investing in target-date funds be considered a “recommendation” that triggers the best-interest standard.
He said another issue that needs to be resolved is if investors will still be able to get basic information about investing and investments from fund call centers without invoking a fiduciary duty