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Attorney: DOL’s Interpretation of Fiduciary Rule More Expansive Than Ever

November 11, 2021

Fiduciary Rule

Published by WealthManagement.com.  A recent Foreside Connections panel discussion on the Fiduciary Rule’s impact highlighted that the DOL’s interpretation on what recommendations fell under ERISA fiduciary scrutiny was “more expansive” than ever.

Guest speaker Stephen Wilkes, a partner at the Wagner Law Group, discussed with attendees that there’s no change in words, (but) their interpretive stance is more expansive than ever, and they’re really tough on it.

Foreside Managing Director Jacqueline Hummel says the rule’s amendments to rollover recommendations were particularly notable.

Hummel said she would not be surprised if the Securities and Exchange Commission began asking exam questions about compliance with the rule to registered investment advisors and broker/dealers advising a large number of clients on rollovers.

Read more of the complete breakdown from our webinar, highlighted by WealthManagement.com, here.