Many financial advisers are still grappling with how the Pension Protection Act permits them to give advice to 401(k) plans, Investment News reports. And a good majority doesn’t want to move to fee-based accounts from commissions.

Some advisers mistakenly believe the law allows them to still accept trailing commissions and revenue-sharing, and it does not, said Jason Roberts, an attorney with Edgerton & Weaver who has created a website to clarify the Pension Protection Act,

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.