The proposal, which is open for comment until March 1, is more expansive than industry observers were expecting, said Fred Reish, chair of Drinker, Biddle & Reath's ERISA and retirement income team. (Photo: Shutterstock)
Securities brokers and insurance agents who felt most threatened by the Department of Labor's fiduciary rule — and most relieved when it was vacated in the Fifth Circuit Court of Appeals last year — are again finding themselves looking over their shoulder, at least in the state of Nevada.
In 2017, Brian Sandoval, Nevada's then Republican governor and a former federal judge, signed a law passed by the state's Democratic legislature requiring a fiduciary standard for brokers.
The proposed parameters of the new rule were released January 18, more than a year and a half after the law was passed.
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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.
