On Tuesday, April 5, 2016, Labor Secretary Thomas Perez announced the finalization of the Department of Labor’s (“DOL”) rule to amend the definition of “fiduciary” in the context of providing retirement advice for 401Ks and IRAs. This rule will significantly alter the responsibilities of financial advisors, including broker-dealers, in a dramatic manner. The DOL lengthened its timeline for complying with this new rule from eight months to one year. Thus, this highly controversial rule is now set to take effect on January 1, 2018.
For a more detailed discussion on the rule, see our recent article: http://www.apslaw.com/wp-content/uploads/2016/03/Andrew-Spacone-Art.pdf.