The financial services industry, including advisors, has watched closely as the fiduciary standard has moved closer to becoming a reality. The most recent of these shifts—and perhaps the most important to date—is the Department of Labor’s rule change announced in early April that expands the definition of investment advice and broadens the scope of advisors who may act as a fiduciary. As a result, many interactions are now fiduciary activities under the Employee Retirement Income Security Act, as amended (ERISA). Complex ERISA fiduciary responsibilities, which hold advisors to a higher standard than the Investment Advisers Act, as amended, have left many advisors uncertain about their roles and responsibilities regarding retirement plans—and concerned about exposure to fiduciary issues.
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