According to the DOL, the new fiduciary rule levels the playing field for insurance agents, brokers, financial planners and registered investment advisors to adhere to a best interest standard when providing investment advice.

The Federation of Americans for Consumer Choice's lawsuit states that the Department of Labor's new "rushed" fiduciary rule is similar to a proposal struck down by the federal appeals court a decade ago.

Employers can help employees save by automating and incentivizing emergency savings, but it's key to customize messaging that is unique to a specific employee demographic to increase the likelihood of them taking action.

Women report feeling knowledgeable about day-to-day finances such as paying bills and saving for emergencies, but less confident about building wealth and creating investment portfolios, a New York Life Wealth Watch survey found.

On Tuesday, the Department of Labor finalized its Retirement Security Rule that updates the definition of an investment advice fiduciary, while critics say millions could now lose access to professional financial guidance.

While the DOL continues to try to refine its fiduciary rule, with the latest iteration sent to the Office of Management and Budget for review last month, there are several best practices that protect plan sponsors as well as participants.

2024 BenefitsPRO Advisor of the Year finalist Chris Wolpert is passionate about using creativity to educate and create change.

Two-thirds of Americans said the pandemic has had an even deeper impact on retirement beyond dollars and cents, with younger generations saving an even higher percentage of their income for retirement, according to Fidelity.