DOL to Propose New Fiduciary Rule for Financial Advisors

The United States Department of Labor ("DOL") is re-proposing a rule that would set a fiduciary standard for financial advisers and brokers who give advice about retirement accounts. The proposed rule, RIN 1210-AB32, is intended to address investment advice and the circumstances under which individuals provide sales presentations or provide advice on rollovers from defined contribution plans to individual retirement accounts. A rule to address the problem of “conflicted advice” was first proposed in 2010, but was met with substantial opposition from the financial industry.