Regulators in other industries have tried a different approach to consumer protection – one that, if applied to the financial services industry, could also protect advisory firms as well as retail investors. (Photo: Shutterstock)

Retirement advisors and plan sponsors can look forward to two provisions of the Department of Labor’s fiduciary rule becoming applicable on June 9.

One provision would create a broader definition of who is a fiduciary when working with retirement accounts, and the other would establish impartial conduct standards by which fiduciary retirement advisors must provide such advice in the best interests of their clients.

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