August 02, 2011

The Proposed Regulation on Fiduciary Advice and Its Impact on Record Keepers and Broker-Dealers

Los Angeles partner Fred Reish authored an article for The Spark Journal on the “mixed bag” of changes presented by the Department of Labor’s proposed new regulation on the definition of fiduciary advice.  He discussed the regulation from the perspective of record keepers.

 

In his “Washington Update,” Fred outlined the changes proposed to the definition of “fiduciary” under the Employee Retirement Income Security Act (ERISA) to include a broader range of individuals who provide investment advice.

 

He also discussed the proposal’s several new “limitations,” or exceptions, to fiduciary status, including the “selling” exception added at the request of the private sector.

 

He concluded that it is “critically important that record keepers explain these issues and their impact on plans to the Department of Labor.”

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