Department of Labor Proposes New Fiduciary Rules for Advisors – April 22, 2015

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On April 14 the U.S. Department of Labor released its much-anticipated proposed rules detailing how ERISA’s fiduciary obligations apply to those providing investment advice to IRA owners and qualified plan participants.

In its news release announcing the new rules, the DOL stated: “Under the proposals, retirement advisers will be required to put their clients’ best interests before their own profits. Those who wish to receive payments from companies selling products they recommend and forms of compensation that create conflicts of interest will need to rely on one of several proposed prohibited transaction exemptions.”

These new proposals are likely to garner as much attention and comment as the DOL’s last attempt to redefine the fiduciary rules back in 2010.

To read the new proposed rules, click here.

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