DOL Issues Fiduciary Rule Guidance as It Preps Rewrite

The U.S. Labor Department has issued guidance concerning a late-term Trump-era rule it allowed to take effect earlier this year that broadened the kinds of retirement plan investments from which financial advisers can profit.

The DOL’s Employee Benefits Security Administration on Tuesday issued frequently asked questions for investors and advisers as it prepares amendments to its investment advice fiduciary regulation, which was finalized in December 2020.

EBSA wants investors to ask advisers pointed questions before they accept any advice about their retirement accounts—including specific queries about whether the provider is a fiduciary and if they are relying on the Trump-era ...