In a nutshell, what was initially considered a âpick me because you like meâ decision on the part of the prospect has been reframed as a âpick me because I sold you investmentsâ decision. Itâs a subtle distinction, but it drives the difference between a fiduciary act and a non-fiduciary act.
Tag "Eugene Scalia"
The most pertinent issue may not be the fiduciary imperative, but the marketing imperative. This makes things extremely difficult for the 401k plan sponsor who may sometimes confuse which has priority. Hereâs an example of why a plan sponsor might be concerned.
