WASHINGTON If the Department of Labor moves ahead with its proposal to impose a fiduciary responsibility on financial professionals offering retirement advice, waves of broker-dealers and company call centers would exit that market and further jeopardize the already precarious retirement situation for millions of workers, a new study has found.
The study, commissioned by the Washington law firm Davis & Harman LLP on behalf of a group of financial services clients that provide retirement advice, anticipates that brokers and call centers, fearing legal liability from the new rules, would no longer be available to counsel workers leaving their jobs about their options for how to handle their retirement plans.
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