Debate: Should the DOL Revert to the 2016 Fiduciary Standard?
August 30, 2023 by Robert Bloink and William H. Byrnes
After the Department of Labor’s 2016 fiduciary rule and best interest contract exemption were vacated, the standard reverted back to the “old” five-part test that has historically been used to determine investment advice fiduciary status.
Now, it is widely expected that the DOL will release a newly revised fiduciary test before the end of the summer. Many expect that the Biden-era DOL will release a version of the fiduciary test that more closely resembles the Obama-era fiduciary test.