RPL Partner Alice K. Jump Offers Insights on New DOL Fiduciary Standard for Retirement Advisors

Recently, the Employee Benefits Security Administration of the Department of Labor (DOL) released a new rule assigning a fiduciary standard to retirement advisors. The rule heightens the duty of care for financial advisors who deal with retirement accounts, imposing a standard which expressly requires that the advisor acts in the client’s best interest.* This is a departure from the prior standard which required only that a broker’s recommendations to a client be…

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