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Forget brokers: DOL’s fiduciary rule impacts recordkeepers more

Once safely hidden behind the cloak of education, these service providers have long been able to employ adviser-like pricing models without the burden of being an adviser. Thats about to change.

By Chris Carosa | Updated on November 09, 2016
The DOL’s new “Conflict-of-interest” (aka “fiduciary”) rule, guided to fruition by Sec. Perez, combined with 2012’s Fee Disclosure Rule, will likely dramatically change 401(k) recordkeeper business models. (Photo: AP)

Imagine waking up one morning to find the sun rising from the west. That’s the situation 401(k) recordkeepers may soon find themselves in (see “Will the DOL’s New Fiduciary Rule Redefine the Role and Boundaries of Plan Recordkeepers?” FiduciaryNews.com, November 8, 2016).

The DOL’s new “Conflict-of-interest” (aka “fiduciary”) rule, combined with 2012’s Fee Disclosure Rule, acts as a one-two punch which will likely result in dramatic changes in 401(k) recordkeeper business models.

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