The DOL's Fiduciary Rule: Impact on Financial Adviser's
Whitepaper by NCS Regulatory Compliance and Stephen P. Wilkes of The Wagner Law Group
On April 8, 2016, the Department of Labor (“DOL”) released the final version of its regulation that defines who is a fiduciary under the Employee Retirement Income Security Act of 1974 (“ERISA”). The “Conflict of Interest Rule” broadens the scope of retirement investment professionals who are deemed ERISA fiduciaries and broadens the categories of service providers who will become ERISA fiduciaries with respect to employee benefit plans and Individual Retirement Accounts (“IRAs”), as defined under the Internal Revenue Code of 1986 (the “Code”).
The Conflict of Interest Rule effects many current business models, placing additional pressure and scrutiny on the entire financial services industry, especially on commission and revenue sharing practices.
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