Come midnight this Friday, anyone advising IRA account holders, and most of the country’s 401(k) plans, will have to operate under the fiduciary rule’s impartial conduct standards.
The June 9 requirement is, of course, a far cry from compliance with the full rule, which is scheduled for January 1, 2018.
The impartial conduct standards require that advice is given in the best interest of investors. Advisors can only receive reasonable compensation and are prohibited from giving investors misleading information.
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