Early reactions to the more-than 1,000-page finalized fiduciary rule dropped by the Department of Labor yesterday suggest Labor Secretary Thomas Perez more than made good on promises to write regulation industry could work with.
The proposed version elicited a litany of concerns from stakeholders, and doomsday predictions that commission-based sales on retirement accounts would effectively be banned and savers of modest means would be priced out of the advisory market.
But the final rule does neither, says one ERISA attorney.
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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.
