On April 8, 2016 the Department of Labor (DOL) published its new fiduciary rule (Rule) governing 401(k) plans and Individual Retirement Accounts (IRAs) in the Federal Register and becomes law on June 7, 2016. Compliance with the new fiduciary definition will not be required until April 10, 2017, with exemptions phasing in through January 1, 2018. The Rule will drastically change how financial advice is provided in the United States.
In the article The DOL Fiduciary Rule – Are You Ready for the Changes? Guidehouse experts provide a high-level examination of the Rule, including who it will impact and the industry impact, and outline how market participants can prepare themselves to address the shifts.