SIFMA Takes Issue with DOL Move to Redefine Fiduciary

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SIFMA Takes Issue with DOL Move to Redefine Fiduciary

Feb 04, 2011

SIFMA's letter comes as the Certified Financial Planner Board of Standards also sent its own letter to the DOL on Wednesday. In that letter, the CFP Board asked for the DOL to expand the term fiduciary under ERISA to better protect plans and their investors from conflicts of interest. The letter also called for the DOL to have no opt out provision for advisors, which would limit its adverse interests exception.

The CFP Board also said it supports the DOL's proposal to define investment advice to include recommendations on plan distributions.
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Financial Planning
Lorie Konish
February 4, 2011
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