When the U.S. Department of Labor speaks, we should listen, whether we work with qualified retirement plans or not. The DOL made several announcements in October that are going to be significant game changers for the financial services industry.
In our November column ("The New Rules of the Road"), we identified four proposed regulatory changes that will either subject more advisors to a fiduciary standard of care or severely disrupt a traditional brokerage business model: the Dodd-Frank Act; the SEC's Proposed Rule 12b-2; the DOL's 408(b)(2) regulations; and the DOL's and IRS' Proposed Investment Advice Regulations. In this column we are going to examine another new regulation-ERISA Section 404(a)(5).
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