The Department of Labor has issued a new regulation designed to improve access to expert investment advice for workers with 401(k) and individual retirement accounts.
The rule makes it easier for providers of 401(k) plans such as Charles Schwab, Vanguard, and Principal Financial to offer their own advice and bundle it with their other services.
Currently an employer offering a 401(k) from a provider like Vanguard has to contract with a separate independent adviser to comply with regulations against conflicts of interest. Investment advice cannot be offered by anyone who might benefit financially from the advice.
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