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Plan advisors most exposed during fiduciary rule transition period

With the DOL fiduciary rule, retirement plan advisors must take precautions to protect themselves -- and plan sponsors must too.

By Nick Thornton | Updated on June 28, 2017
With the DOL fiduciary rule, retirement plan advisors must take precautions to protect themselves -- here are some considerations. (Photo: AP)

Advisors to defined contribution plans are carrying more liability than brokers and advisors in the retail space during the transition period for the Labor Department’s fiduciary rule, according to analysts at Broadridge Financial Solutions, which provides communication services for 21 of the 25 largest plan record-keepers.

“The reality is as a (plan) advisor, if you have a conflict related to either proprietary product, forms of compensation, or limitations of access to products that you offer your clients, you need to be affirmatively disclosing those conflicts to your client now,” said Andrew Besheer, a project leader for Broadridge’s DOL Fiduciary Rule Solutions program, during a webinar hosted by the firm.

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Nick Thornton

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.

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