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Fiuduciary duty book and gavel (Photo: Shutterstock)

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

Importantly, the proposal confirms that the five-part test for determining an investment advisor’s fiduciary status will continue as the law of the land. From that point, the DOL proposes a new class exemption to the prohibited transaction rules. Advisors who qualify as fiduciaries can continue to receive a wide range of compensation — including commissions — with respect to retirement-related investment advice so long as they comply with a set of impartial conduct standards.

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