WASHINGTON -- Later this year, advisors who work with retirement plans can expect the Department of Labor to produce the long-awaited redraft of its proposed rules to extend fiduciary responsibilities to what it sees as an unevenly regulated segment of the market, the official who has been spearheading the initiative said on Wednesday.
Assistant Secretary of Labor Phyllis Borzi said that the department is as committed as ever to a establishing a fiduciary standard for retirement-plan advisors that would require that they provide advice in the best interest of their clients. Too often, she argued, consumers receive conflicted advice about how to handle the rollover of their employer's 401(k) and where to invest their retirement savings, commonly from financial professionals who advertise themselves as advisors but are not acting as an RIA.
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