The Department of Labor’s proposed fiduciary rule will make thousands of non-registered defined contribution plan advisors fiduciaries “over night,” say analysts at Cerulli Associates.
But if the finalized version of the complex rule resembles its proposed form, it is not expected to stem the tide of 401(k) rollovers to IRAs in the coming years, claim the analysts.
When the DOL unveiled its proposal last April, it built its case for the new rule’s necessity largely on the argument that IRA owners often receive conflicted advice, amounting to billion is losses to savers a year.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
