Both fiduciary and non-fiduciary advocates are likely to find some language that appeases them in the Labor Department's new Proposed Rule to greatly expand the application of fiduciary duties to those who provide investment advice to most qualified retirement plans and IRA accounts -- but both sides will also find language which causes much concern.

Fiduciary advocates, in particular, will worry that the proposal, unveiled Wednesday, waters down the fiduciary standard currently applicable to fiduciaries under ERISA, and that some of the exemptions provided could be so expansively interpreted that they permit the egregious conduct that bona fide fiduciary standards are designed to constrain.

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