The first phase of the U.S. Department of Labor’s conflict of interest rule, or fiduciary rule, for retirement accounts goes into effect on April 10. On that date, firms and advisors will have to, as the Department of Labor states, “acknowledge their fiduciary status, adhere to the best-interest standard, and make basic disclosures of conflicts of interest if they want to continue providing ‘conflicted advice’ under the fiduciary rule’s best-interest contract exemption.”
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Correction: October 31, 2016
Updated summary.
