Fiduciary Rule Set to Come into Effect in June

The so-called Fiduciary Rule is set to move forward in June, the Secretary of Labor, Alexander Acosta, announced in an op-ed in the Wall Street Journal.

The fiduciary rule, which requires investment advisors to act “in the best interest of their client”, will now be expanded to include anyone managing retirement accounts: 401K, Individual Retirement Accounts, 403B’s, etc.

While no one argues with the idea that investment advisors should provide advice which is in the best interest of their clients, critics of the rule believe that implementing it will lead to burdensome regulations and to a reduction in the number of investment advisors.

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Fiduciary Rule Set to Come in Effect in June