The DOL Rule – What is it? The Department of Labor (DOL) Fiduciary Rule expands the “investment advice fiduciary” definition under the Employee Retirement Income Security Act of 1974 (ERISA) and automatically elevates all financial professionals who work with retirement plans or provide retirement planning advice to the level of a fiduciary. The law was initially created under the Obama administration. On February 3, 2017, President Trump issued a memorandum that delayed the rule’s implementation by 180 days and the rule was implemented on June 9, 2017.
The DOL Rule – What does it do? Supporters have applauded the new rule, saying it should increase and streamline transparency for investors, make conversations easier for advisors entertaining changes, and most of all, prevent abuses on the part of financial advisors, such as excessive commissions and investment churning for reasons of compensation. The
DOL Rule – What is a fiduciary? The Department of Labor’s definition of a fiduciary demands that advisors act in the best interests of their clients, and to put their clients’ interests above their own. Northwest Quadrant Wealth Management already serves as a fiduciary for our advisory client base and have always been an advocate of transparency when it comes to the services we provide and the fee we charge. If you have questions about the DOL rule and what it means to you let us know! You can call us toll free at 800-743-0988 or send us an email at firstname.lastname@example.org