The new DOL definition of IRA "fiduciary" will include advisors who give advice about health savings accounts.
In the new final rule, DOL has kept a provision from an earlier draft that requires HSA advisors to meet the same fiduciary standards that IRA advisors must meet. Officials seem to imply that the rules may also apply when advisors give advice about Archer Medical Savings Accounts (MSAs) and Coverdell Education Savings Accounts.
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Allison Bell
Allison Bell, ThinkAdvisor's insurance editor, previously was LifeHealthPro's health insurance editor. She has a bachelor's degree in economics from Washington University in St. Louis and a master's degree in journalism from the Medill School of Journalism at Northwestern University. She can be reached at [email protected] or on Twitter at @Think_Allison.
