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Fiduciary Rule

All articles tagged with #fiduciary rule

finance2 years ago•3 min saved

"Understanding Financial Advice Amid Policy Debates"

As policymakers debate changes to financial advice rules, employees with 401(k) plans have options when leaving a company, including keeping the money in the current plan, rolling it over into an IRA, or buying an annuity. The Biden administration wants investment advice to come from a fiduciary, but some in the financial industry argue that this would create a regulatory burden. Experts advise retirement savers to review investment options and fees, understand how advisors are compensated, and seek fiduciary financial advisors.

via CNBC|

#401k #fiduciary-rule #finance

finance2 years ago•4 min saved

Biden administration targets 'junk fees' in retirement investments and advice

The Biden administration has proposed a new rule that would require financial advisers, brokers, and insurance agents who sell retirement investments and advice to act in the best interest of their clients, not their own. The goal is to protect consumers from "junk" fees and prevent unscrupulous advisers from taking advantage of clients. While there are already fiduciary rules in place, they don't cover all types of investment products or transactions. The proposed rule aims to standardize the rules for all retirement advice and products. The changes may face industry pushback, but the administration believes that retirement savers deserve consistent protection regardless of the state they live in. The proposed rule will undergo a 60-day public comment period before potential revisions and finalization.

via CNN|

#biden-administration #fiduciary-rule #finance

finance2 years ago•2 min saved

"New Retirement Security Rule Set to Revolutionize Savings Starting Tuesday"

The Department of Labor is set to release a new version of its proposed fiduciary rule, referred to as the retirement security rule, which aims to redefine fiduciary investment advice under the Employee Retirement Income Security Act (ERISA). The rule will cover advisor practices, plan sponsor and participant expectations, and IRA owners who receive investment advice, taking into consideration developments in the investment marketplace and potential conflicts of interest. This release follows previous attempts to update the regulation, with the last attempt by the Trump Administration being allowed to stand by the Biden Administration pending further development.

via National Association of Plan Advisors|

#department-of-labor #employee-retirement-income-security-act-erisa #fiduciary-rule