The Securities Industry and Financial Markets Association hit the Department of Labor with a letter complaining that a proposed rule to redefine the term fiduciary could interfere with investors’ ability to save for retirement.
The letter comes after the DOL’s October proposal to redefine when an investment advisor is considered a fiduciary. The proposed rule would mark a shift from the current standard set by the Employee Retirement Income Security Act of 1974 (ERISA). If put in place, the rule would also change how retirement plans and individual retirement accounts access products and services.
Register or login for access to this item and much more
All On Wall Street content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access