SAN ANTONIO, Texas – The Department of Labor is likely to hold broker-dealers who chase IRA rollovers to the same fiduciary standards that retirement advisors must meet.
That was the prediction offered Friday by ERISA attorney Fred Reish, who noted that, with an estimated $2 trillion in the 401(k) accounts of baby boomers at stake, regulators are "taking it all very seriously."
Speaking at the Center for Due Diligence conference, Reish said broker-dealers should brace for tighter rules from the DOL, most likely as part of its wider effort to impose the fiduciary standard on more of the financial services world.
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