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For 401(k) advisors, no more ‘accidental fiduciaries’

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Sommer describes the brokers or insurance agents that served plans with less than $50 million in assets prior to the rule as “accidental fiduciaries”—they played the role of fiduciaries without being beholden to a best interest standard. (Photo: Shutterstock)

Broker-dealers who service 401(k) plans dodged a bullet when a federal court vacated the Labor Department’s fiduciary rule last spring.

Nick Thornton

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