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Tag "Phyllis Borzi"
Will this be known as the week we lost the fiduciary standard?
The Fiduciary Standard is American as motherhood, apple pie and Quaker Oatmeal.
Both sides of the fiduciary debate suggest their view reduces retirement investor costs. They can’t both be right. Luckily, the marketplace offers a real testing ground, leaving only one question: Who does the DOL protect – the industry or the investor?
Having no idea what the fiduciary means, and worse, not caring, most IRA R/O investors are sheep heading for their (financial) slaughter. Not anymore, if the DOL’s Phyllis Borzi has her way.
For all the talk of the new definition of fiduciary and the fiduciary standard, an old favorite topic returned to trending this past week. Can you guess what it is? Here’s a hint: It impacts nearly every 401k and IRA investor.
Several early reports suggested the DOL appeared ready to compromise their fiduciary principles by harmonizing with other agencies. The transcript reveals a surprising reality.
For all the public comments offered at the DOL’s Public Hearing on the definition of the Definition of Fiduciary, perhaps the most important statement was the one offered by Assistant Secretary to open the hearings.
The question now on the mind of every 401k fiduciary: Will the DOLâs new rule increase my personal fiduciary liability?
FiduciaryNews Trending Topics for ERISA Plan Sponsors: Week Ending 11/16/12
Will retirees pay for Washington’s fiscal mismanagement? Has pinning the fiduciary onus on plan sponsors been the wrong approach all along? And more…