SAN ANTONIO – Today's Department of Labor is the most aggressive in years and one of its biggest initiatives – imposing the fiduciary standard on broker-dealers – will flood the market with hundreds, if not thousands, of new RIAs.
So said Fred Reish, a Drinker Biddle attorney and one of the more respected ERISA experts in the country, in a presentation Wednesday, the closing day of the 2013 Center for Due Diligence conference.
The Department of Labor has spent months trying to perfect its proposed fiduciary standard, withdrawing an initial draft earlier this year, leaving some to wonder just when the final rules finally might be issued.
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