With Or Without The New Fiduciary Rule, We Have Your Back
When the Department of Labor (DOL) proposed its fiduciary rule for retirement accounts in 2015, the department wasn't prepared for the controversy the rule generated. After months of review, the DOL unveiled the final rule early in 2016. It is slated to take effect on April 10, 2017.
At its core, the rule requires financial advisors and their firms to uphold fiduciary standards when those advisors and firms are compensated for investment advice and recommendations relating to retirement accounts such as 401(k)s and IRAs. Essentially, advisors and firms must promise that they're putting the best interests of clients before their own.
This "best interest" stipulation must be reflected in a written contract that says the advice being offered is based on a client's particular needs.
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