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The Department of Labors proposed definition of fiduciary advice remains worrisomely broad, according to financial and legal experts who are calling upon the industry to flood the DOL with letters of concern about the rules possible implications.
The DOL in April released its proposal to amend the regulation governing ERISAs fiduciary definition. The proposed fiduciary rule aims to expand fiduciary duties to those who provide investment advice.
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Treating sentiment as a scored, auditable data point will turn subjective impressions into the kind of objective evidence an executive committee can act on.
As brokerages expand, concerns over conflict of interest and fiduciary breaches abound.
From fiduciary guidance to financial education, advisers are taking on more responsibility as sponsors expand investment choices and focus on participant outcomes.
A financial spreadsheet alone cannot capture the total value and performance of a benefits program, nor can numbers on a ledger guarantee long-term operational success.
The legislation calls on Congress to lower prescription drug costs, shift subsidies directly to consumers, and enforce strict price transparency.
