DOL Says Advice Proposal is Good for Americans; Many Explain Why It’s Not
September 16, 2020 by Stephanie Forshee
Industry insiders and watchdogs are finding flaws to varying degrees in the Department of Labor’s proposed exemption for investment advice fiduciaries.
The proposal, entitled “Improving Investment Advice for Workers & Retirees,” offers a new prohibited transaction class exemption for investment advice fiduciaries. The exemption would be available to RIAs, broker-dealers, insurance companies, banks, and individual investment professionals who are their employees or agents.