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If there’s one thing that both supporters and critics of the Labor Department’s proposed fiduciary rule share in common, it’s a belief that the rule would have a profound impact on retirement advice in America.
“When you put this in the context of rule changes that have occurred since the financial crisis, this would rank at the top,” notes James Allen, CEO of Hilliard Lyons, a wealth management firm with more than 400 advisors.
Andrew Welsch is a former managing editor of Financial Planning.
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While the legislation's future is still unclear, there are many important things for leaders to know.
A Deloitte analysis shows that alternative allocations — to private equity, private credit and other vehicles — in DC plans could grow quickly.
Industries that rely on independent contractors should review potential impacts of the new rule and make sure their independent contractor documentation is squared away.
With raised fiduciary expectations, the health benefits market will move toward more transparent, level-fee structures and fiduciary-aligned advice.
The Department of Labor issued a safe harbor rule protecting benefit leaders as they navigate the added risk to retirement planning.
