‘Important Step’ or ‘Out of Touch’? Reactions to DOL Proposal Run the Gamut

By Alex Ortolani October 31, 2023 PLANSPONSOR

CFP Board leadership recently accompanied President Joe Biden at the White House when he gave remarks about the Department of Labor's proposed retirement security rule. CFP Board supports the proposed rule, saying in a statement: “It’s time to update the nearly 50-year-old regulatory framework under the Employee Retirement Income Security Act of 1974 (ERISA) to prevent advisers from avoiding a fiduciary responsibility even when they are functioning as, and clients are relying on them as, trusted advisors.”