Most financial advisors are interested in knowing how they may be affected by the new ERISA fiduciary definition, which is expected to be adopted soon by the Department of Labor (DOL).
In this regard, one of the best uses of your time may be to peruse DOL’s “bible” on the subject, the Fiduciary Investment Advice Regulatory Investment Impact document, published a year ago.
The document shows that DOL is fixated on two beliefs: 1) Advisors currently have huge conflicts-of-interest in providing retirement plan investment advice (especially in IRAs); and 2) If these conflicts can be eliminated by regulation, IRA investors will save at least $40 billion in fees and expenses over the next decade.
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