Despite a recent show of political opposition, the U.S. Department of Labor seems poised to press ahead with a proposal to broaden the definition of fiduciary to cover advisers working in the retirement plan segment, a leading opponent of the measure warned on Monday.
Brian Graff, who heads the American Society of Pension Professionals and Actuaries and the National Association of Plan Advisors, argued that the proposed rules would create “unintended consequences” that could lead plan advisers to abandon the small business market.
