Posts Categorized: Fiduciary Issues

President Announces Plan to Expand Fiduciary Rules Applicable to Investment Advisers

in Fiduciary Issues, Retirement Plans

On Monday February 23, 2015, President Obama announced plans for the Department of Labor (DOL) to re-propose rules in the coming months to expand the definition of fiduciary investment advice under ERISA. These rules are intended to crack down on what the President characterizes as “back door payments or hidden fees” that lead to conflicted advice from investment advisers to retirement plan clients. The forthcoming rules will also hold investment advisers to a fiduciary standard, meaning they would be required to put their clients’ interests ahead of their own. The current definition of a fiduciary under ERISA dates back to… Continue Reading