They may not be retirement accounts per se, but health savings accounts are subject to the Department of Labor's fiduciary rule.
InsuranceNewsNet reports on alert sent out by the Wagner Law Group, which warns that those who provide advice on HSAs may be considered fiduciaries subject to the DOL rule if their communications amount to investment recommendations.
Under the DOL rule, "investment advice" includes recommendations to buy, sell, hold or exchange investments; recommendations on how to invest assets rolled over, transferred or distributed from a retirement plan or individual retirement account (IRA); and recommendations on managing retirement plan or IRA assets or rollovers, transfers, or distributions from a retirement plan or IRA.
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