A fiduciary is an advisor who must act in your best interest. Fiduciaries can't recommend products or investments based on the commission they will receive, ensuring that their advice is truly in the client's best interest. The concept of fiduciary duty is essential in the financial industry, where trust and transparency are paramount.
The Office of Management and Budget (OMB) received the fiduciary rule, listed as Retirement Security Rule: Definition of an Investment Advisor Fiduciary. This rule aims to protect investors by requiring financial advisors to act in the best interest of their clients when providing retirement investment advice.
The Labor Department's fiduciary rule has landed at the Office of Management and Budget for Review. Labor filed its final rule late Friday, signaling a potential shift in how financial advisors operate and the level of transparency they must provide to their clients.
The release of final changes to the Department of Labor's popular Voluntary Fiduciary Correction Program (VFCP) is apparently on the horizon. This program allows plan sponsors and fiduciaries to correct certain violations of the Employee Retirement Income Security Act (ERISA) and avoid potential penalties.
The Department of Labor sent its new and controversial fiduciary rule to the Office of Management and Budget late Friday afternoon. This rule has the potential to significantly impact the way financial advisors interact with clients and the recommendations they make regarding retirement investments.
In the tidal wave of litigation launched by the plaintiffs' bar against employer-sponsored benefit plans over the last several years, fiduciary responsibility has become a hot topic. It is essential for directors and executives to understand their fiduciary duties and act in the best interest of shareholders.
In a recent disciplinary action, the Hong Kong Stock Exchange (HKEX) censured directors of a listed company for failure to fulfill fiduciary responsibilities. This serves as a reminder of the importance of fiduciary duties in corporate governance and the potential consequences of failing to meet these obligations.
Here We Go Again: DOL Proposes New Fiduciary Rule ... On 31 October 2023, the Department of Labor (DOL) unveiled its proposed “Retirement Security” rule, which seeks to enhance investor protection and ensure that financial advisors act in the best interest of their clients.
A Rose Is a Rose: DOL's New Fiduciary Proposal Is the Same as the Vacated 2016 Rule · Helpful Expansion: Broaden applicability to include a broader range of retirement accounts and investment advice scenarios.
