More than six months after the Labor Department's fiduciary rule was partially implemented, anecdotal evidence is emerging that industry is struggling to comply with new requirements on investment recommendations in qualified retirement accounts.
Specifically, brokers and advisors are failing the rule's best interest standard when advising on distributions from employer-sponsored retirement plans and rollovers to IRAs, according to Fred Reish, a partner at Drinker Biddle & Reath and chair of the law firm's Financial Services ERISA team.
“I'm concerned folks are short-circuiting processes in a way that isn't compliant,” Reish said during a recent webinar.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
