As the Department of Labor’s (DoL) Proposed Conflict of Interest Rule works its way toward implementation later this year, speculation is rife about its potential impact on those who provide financial advice. Under the proposed rule, a larger percentage of interaction with investors would be considered investment advice — meaning that more advisors could eventually be subject to act as fiduciaries under ERISA.
The rule has the potential to dramatically reshape the retirement savings world, particularly commissions-based compensation. It will also have significant implications for fee-based advisors. Many RIAs incorrectly assume that the rule would not impact their business because they are already considered fiduciaries under other regulatory frameworks.
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