Summary: As Oliver brought to America’s attention, the widely-anticipated Labor Department changes to how financial advisors can counsel clients on retirement assets (commonly called the DOL rule) will begin to take effect in a year. This new conflict-of-interest—or fiduciary—rule requires all professionals to recommend what is in a client’s best interest when providing advice on 401(k) assets, individual retirement accounts or other qualified monies saved for retirement.
 As a best practice we recommend that even firms without commission or revenue sharing fees should provide notice to retirement clients that they are providing their services in the client’s best interest to uphold their fiduciary duty and review and update disclosures of any potential conflict of interest."Michael Conlon, Advisor Assist. |
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