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

Despite fiduciary rule's demise, plan sponsors will demand fiduciary services, says Janus Henderson Investors VP Matt Sommer.

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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.

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Nick Thornton

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.

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