A new fiduciary rule could potentially reduce the number of such advisors.
Today, many people claim to offer retirement planning. In the near future, their ranks may thin because of new regulations on qualified retirement plans being phased in by the Department of Labor.
Things are changing quickly. By the start of 2018, any person or firm providing advice to IRA owners and participants in workplace retirement plans will be asked to assume a fiduciary responsibility. In taking on that responsibility, that person or firm will have an ethical and legal duty to act in a client’s best interest.1