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Ciary; fiduciary rule; standard of care; retirement; investment; investor; retirement investor; retirement saver; retirement savings; Department of Labor; DOL; ERISA; Employee Retirement Income Security Act of 1974; Section 3(21)(A); Section 3(21); Pub. L. No. 93-406
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Defining “Fiduciary”: Aligning Obligations With Expectations, Ashley C. Vicere
Defining “Fiduciary”: Aligning Obligations With Expectations, Ashley C. Vicere
Brooklyn Law Review
Poor investment decisions rob many Americans of the worry-free retirement for which they had desperately planned. Hiring an investment adviser does not always shield retirement savers from making poor investment decisions because some advisers have conflicts of interest and receive commissions for recommending certain investments. This practice encourages them to recommend products that generate advisers more income rather than products that most benefit investors. To address these conflicts of interest, the Department of Labor (DOL) promulgated a new rule redefining when an investment adviser is a “fiduciary” of a retirement investor under the Employee Retirement Income Security Act of 1974 …