Forget the DOL Rule or the SEC’s Reg BI… Financial Literacy is Key to Protection, RBC Advisor Says
October 22, 2018 by Rita Raagas De Ramos
Regardless of the Department of Labor fiduciary rule being dead or alive, it’s up to retirement plan sponsors to guide employees toward a situation where they are knowledgeable enough to make sound retirement decisions, according to one specialist advisor.
The DOL is “considering regulatory options,” given the U.S. Court of Appeals for the Fifth Circuit’s order in March for rule to be vacated in its entirety, which it made official in June.
“Financial literacy is a big piece that is missing,” says Michael Aylward, McLean, Va.-based advisor at RBC Wealth Management. “People just don’t understand retirement or what it’s going to take to retire. They need someone to support them. Many people turn to the plan sponsor in that situation, hoping for that level of guidance and support.”
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