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Dire Results Seen for 'Fiduciary' Tweak: Plan Service Providers Rail Against DOL Rule

Feb 06, 2011

Not all industry participants are against the proposal to expand the definition of "fiduciary." The Certified Financial Planner Board of Standards Inc. supports the expansion and is pushing the Labor Department to limit the scope of an exception that would require advisers and service providers to disclose in writing when they were not providing impartial advice.

"While a fiduciary may obtain disclosure and consent for potential conflicts from plans and participants, the department should not allow disclosure of an adverse interest to negate fiduciary status," the CFP Board's letter said.

Although the Labor Department isn't taking a hard stance on rollover activity in the rule proposal, it did ask for comments on whether the final version of its fiduciary rule should deem as advice rollover recommendations made as participants exit a plan.

The CFP Board also supports labeling plan distribution recommendations as investment advice. "Some of the greatest abuses we have seen began with bad and self-interested advice that a plan beneficiary take a lump-sum distribution from a benefit plan," the board wrote in its letter.
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Investment News
Darla Mercado
February 6, 2011
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