Brad Campbell Discusses DOL’s ‘Fiduciary’ Rewrite With InsuranceNewsNet

In “Can ‘Regtech’ Help Producers Stay Compliant With New Rules,” benefits and executive compensation partner Brad Campbell spoke to InsuranceNewsNet about the United States Department of Labor’s (DOL) attempt to redefine “fiduciary” in a way that may essentially be inclusive of all first-time advice.

“Once the rollover occurs, DOL is taking the position that fiduciary starts with the initial conversation,” said Campbell, who explained that if the change occurs, it would be significant and basically return the DOL to its initial 2016 fiduciary rule.

Campbell added, “That’s a pretty aggressive reinterpretation of what they historically had said, which frankly, was the opposite, that most rollovers were not fiduciary.”

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