Fiuduciary duty book and gavel(Photo: Shutterstock)

The Department of Labor (DOL) has finally released its follow-upto the 2016 fiduciary rule, which was vacated entirely in 2018.

Importantly, the proposal confirms that the five-part test fordetermining an investment advisor's fiduciary status will continueas the law of the land. From that point, the DOL proposes a newclass exemption to the prohibited transaction rules. Advisors whoqualify as fiduciaries can continue to receive a wide range ofcompensation — including commissions — with respect toretirement-related investment advice so long as they comply with aset of impartial conduct standards.

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Robert Bloink

Robert Bloink, Esq., LL.M., has taught at the Texas A&M University School of Law and the Thomas Jefferson School of Law; in the past decade, Bloink has initiated $2B+ in insurance & alternative asset class portfolios, and previously served as a senior attorney in the IRS Office of Chief Counsel for the Large- and Mid-Sized Business Division. Bloink is also the co-author of Tax Facts, a reference solution that helps to answer critical tax questions and provides the latest tax developments.