Fiduciary Rule Spares Salespeople, But Lawyers Urge Caution

The Department of Labor's retirement security rule exempts industry salespeople from being considered investment advice fiduciaries. However, it expands the fiduciary umbrella to include professionals providing one-off recommendations, leading to concerns about its impact on salespeople at broker-dealers and asset managers. The rule could not possibly capture every single situation that does not qualify as financial advice, explains CFP Board General Counsel Leo Rydzewski. “It would be literally impossible.”

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