Most financial advisors are interested in knowing how they maybe affected by the new ERISA fiduciary definition, which isexpected to be adopted soon by the Department of Labor (DOL).
In this regard, one of the best uses of your time may be toperuse DOL’s “bible” on the subject, the Fiduciary Investment Advice Regulatory InvestmentImpact document, published a year ago.
The document shows that DOL is fixated on two beliefs: 1)Advisors currently have huge conflicts-of-interest in providingretirement plan investment advice (especially in IRAs); and 2) Ifthese conflicts can be eliminated by regulation, IRA investors will save at least $40billion in fees and expenses over the next decade.
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