On Wednesday of next week, the Department of Labor will release its finalized fiduciary rule, according to reporting in The Wall Street Journal.
The rule, more than five years in the making, is expected to have massive implications for advisors to 401(k) plans with fewer than 100 participants or $100 million in assets.
Going forward, those advisors will be expected to function as fiduciaries. Under existing law, broker-dealers not beholden to the fiduciary standard of care codified in the Employee Retirement Income Security Act advise tens of thousands of plan sponsors.
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