Monday, 14 March 2022 20:52

The DOL is Trying to Make Everyone a Fiduciary

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Legal experts are predicting there could be an expansion coming to the DOL fiduciary. Partners at Faegre Drinker are expecting a proposal in the next quarter or two which would label one-time advisors involved in retirement rollover or IRA assets to be labeled fiduciaries. One time advice-givers particularly those trying to establish a relationship would now be labeled as fiduciary advice. Reporters reached out to the Department of Labor but they did not respond to a request for a comment about the change. However, legal federations are expected to challenge the further expansion of the DOL fiduciary classification.


Finsum: This would be a major change to the DOL Fiduciary rule and could really impact advisors trying to gain clients.

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