The finalization of the Department of Labor’s recent fiduciary ruling has left more than one out of three retirement plan service providers uncertain of their professional status, according to a new industry survey.

The new DOL regulations, announced April 6, will designate anyone providing investment advice for retirement plans as a fiduciary, requiring advisers, planners and wealth managers to place their clients' financial interests ahead of their own. Advisers must also disclose any potential conflicts of interest to plan participants, and failing to do so would expose them, as well as the employers that hire them, to lawsuits and ERISA-violation penalties.

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