DOL Fiduciary Rule | Wealth Management.com|
The Department of Labor today released its final rule requiring advisors overseeing retirement accounts to act under a fiduciary standard to put their clients’ interests ahead of their own.
While the broad strokes of the rule have been known for some time, the Department of Labor tweaked the final version to “minimize” the compliance burden on firms and throw open the window to allow for a broader range of investments, including non-traded REITs and variable annuities, as long as advisors guarantee they are putting their clients’ interests ahead of their own.
The final rule also eliminates the requirement that firms give clients a projected cost analysis of their investments over time as well as an annual disclosure of fees.
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