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DOL rule akin to being peed on by a baby: NAPA head

April 20, 2016

Brian Graff, the executive director of the largest retirement plan adviser trade group, on Sunday joined a large chorus of observers citing the complexity of the new regulation and the massive shake-up it will have on the industry.

Apr 18, 2016 @ 2:07 pm | By Greg Iacurci | Investment News

The executive director of the largest retirement plan adviser trade group on Sunday equated the Labor Department’s new “fiduciary” rule to an infant that “pees you in the face,” joining a large chorus of observers citing the complexity of the new regulation and the massive shake-up it will have on the industry.

Waiting for the Department of Labor to release its rule that will raise investment advice standards for retirement accounts was like awaiting the birth of a child, which then proceeds to keep a parent up all night, Brian Graff, executive director of the National Association of Plan Advisors, said at the trade group’s 15th annual 401(k) Summit.

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