DOL Issues Fiduciary Rule Guidance, Spells Out Compliance Requirements
April 20, 2021 by Rita Raagas D Ramos
The Department of Labor issued yesterday guidance on fiduciary investment advice for retirement investors, employee benefit plans and investment advisors.
The guidance is for the DOL’s “Improving Investment Advice for Workers & Retirees” rule that took effect in February.
The rule provides for an exemption that essentially allows advisors, brokers and other investment professionals and institutions to collect various payments, including 12b-1 fees, sales loads and revenue sharing payments while providing advice on rollovers, under certain conditions.