Search
 

IRI: DOL fiduciary rule would harm IRA account holders

In the first year alone, as many as 900,000 accounts would not be opened, and between now and 2030, that number would jump to approximately 20 million, the IRI said.

By Lisa Barron | Updated on March 17, 2014

The Department of Labor’s new proposal to change the circumstances under which an investment advisor is considered a fiduciary under the Employee Retirement Income Security Act would increase costs and prevent access to retirement planning services, especially for those the lower-and middle-income brackets, according to a study by the Insured Retirement Institute.

More than 30 million households, 27 million of which are from the lowest wealth segment, hold assets in full-service, commission-based IRA accounts, said the IRI.  Under the proposed rule, all advice provided through these brokerage accounts would be illegal. 

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.