Search
 

Retirement savings conflict rule: lemons or lemonade?

As the financial industry gears up to stop or alter the rule, the fight actually may be less about fiduciary duties and conflicts and more about costs and loss.

By Rich White | Updated on March 09, 2015
Labor Secretary Thomas Perez. Photo: AP

What does the Department of Labor’s proposed expansion of the fiduciary standard mean to your relationships with retirement plans, their participants and IRA investors?

As the financial industry gears up to stop or alter the rule, the fight actually may be less about fiduciary duties and conflicts and more about costs and loss. As an ethical and successful financial advisor, you can do math for your clients. If you can reduce a client’s plan costs by 35-50 basis points per year, you may be able to increase assets available for retirement security by up to 10% over 30 years. And if you can offer solutions capable of doing that for IRA transfers/rollovers, a huge market will open for you, and continue to reward you with loyal clients for two or three decades per case.

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.