Happy Friday PLANADVISER readers! It goes without saying that it has been a big week for the retirement plan advisory industry, with the long-awaited release of the Department of Labor’s final fiduciary rule coming Wednesday morning. The industry’s mostly positive reaction makes clear the serious compromises worked into the final rule language, compared with previous proposed versions from 2010 and 2015. Our weekend newsletter has all the information and analysis you need to get caught up on All Things Fiduciary.
Consumer groups were especially pleased with the final rule. Nancy Zirkin, executive vice president and director of policy at The Leadership Conference on Civil and Human Rights, said, “This common sense rule will ensure that when working Americans turn to financial professionals for help, they will get honest advice that’s in their best interest—not a self-serving sales pitch.”
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More than a few industry insiders and analysts have tipped their hats to DOL and Labor Secretary Perez for listening carefully to criticism and reshaping some of the most controversial elements of the new fiduciary rule.
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EBRI questions whether retirees are just determined to preserve their assets or whether they need more education about spending assets in retirement—both have implications for retirement plan advisers and sponsors.
Plaintiffs include in their complaint a substantial amount of backward-looking fund performance data to underpin their failure to monitor claims, comparing the Home Depot offerings to others that could have been purchased.
In a guest article written for PLANADVISER, Thomas Dodd, executive director of Pavilion Advisory Group Inc., compares and contrasts common retirement income strategies—including the pros and cons of each method, as viewed from the perspective of participants.