In preparation for the implementation of the fiduciary rule’s impartial conduct standards, some plan sponsors of mega defined contribution plans fired incumbent plan advisors.
And as next year’s compliance requirements with the full rule draw closer, more advisors can expect to be replaced, according to the 2017 Retirement Planscape study, issued by Cogent Reports, a division of Market Strategies International.
According to the report, the seventh in an annual series, 4 percent of sponsors across a sampling of more than 1,400 plans spanning the micro-to-mega spectrum said the impartial conduct standards requirement caused them to fire incumbent advisors.
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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.
