November 09, 2017 Articles

The Department of Labor’s Fiduciary Rule Is Alive and Well

The rule has changed the obligations of financial institutions and professionals dealing with individual retirement accounts

Sandra D. Grannum, Fred Reish, Joshua Waldbeser, and Jamie Helman

For years, there has been debate surrounding what was and what should be the fiduciary duties of financial professionals. Case law has evolved, and sometimes statutes have been enacted, on a state-by-state, professional-by-professional basis to define those duties and obligations. However, inconsistent treatment of the issue persisted. The Dodd-Frank Act of 2010 gave the Securities and Exchange Commission (SEC) a mandate to determine whether there was confusion among the public regarding the duties and responsibilities of financial professionals and, if so, to devise a solution.

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