I want to relay a couple of stories I came across last week. In the interest of protecting the innocent, I won't link to the source. I will say they're both related to the Fiduciary Duty of Good Faith, and you can read about this here.
Specifically, they both demonstrate the misunderstanding of the definition of participant investment advice on both the part of the client and (surprise!) the professional.
As you are no doubt aware, until late 2011, when the DOL released is Participant Investment Advice Rule, plan fiduciaries were not permitted to provide individual investment advice to participants. With 2011's Final Rule, the last promise of the Pension Protection Act of 2006 was fulfilled.
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