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Companies Want More Time to Implement Fiduciary Exemption Rule

Sept. 23, 2021, 6:49 PM

Financial services companies have asked the U.S. Department of Labor for more time to implement a new rule, set to take effect in December, that would allow them to profit from one-time retirement plan rollover advice.

The Trump-era rule sets a “best interest” benchmark for investment advice—a lesser standard of responsibility than strict fiduciary measures. It defines a fiduciary by using a five-part test dating to 1975 that would allow advisers to profit from client advice to roll over assets from a federally protected retirement plan into an individual retirement account or state-regulated annuity.

Several U.S. trade organizations, including the ...

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