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 ...