As the applicability date of the Department of Labor’s fiduciary rule approaches, Americans overwhelmingly favor the rule’s chief intent.
According to “In Whose Best Interest? (Part 2),” a 2017 report from Sunnyvale, Calif.-based Financial Engine, 93 percent of Americans believe it’s important that all financial advisors be legally required to put clients’ best interests first when providing retirement advice.
The Department of Labor’s fiduciary rule would expand the conflict of interest restrictions already applied to advice within 401(k) plans to all retirement plans, including IRAs.
After it was delayed 60 days after its original April 10 applicability date, U.S. Labor Secretary Alexander Acosta wrote on Wednesday that most of the rule’s provisions will now become applicable on June 9.