Those who support applying a fiduciary standard to retirement accounts argue that the change would prevent brokers from advocating for plans based on the fees going to their firms.
It suggests, for instance, asking if, in offering advice, the adviser is required to use the "fiduciary" standard.
At Bank of America and Merrill Lynch, we actively support enhancement of fiduciary standards across the wealth management industry.
We are committed to ensuring that the move to higher fiduciary standards does not fall to the wayside.
Thus, the real question will be whether the Delaware courts are likely to review these actions under heightened fiduciary standards.
Plan sponsors who are not already working with a fiduciary adviser may consider engaging the services of an accredited or certified fiduciary analyst to review the plan's investment options and ensure they conform to fiduciary standards.
You might find an honest and responsible wealth manager who believes in less government intervention and thinks fiduciary standards should be voluntary.
Ask the adviser to put it in writing that he or she adheres to fiduciary standards.
How are you supposed to tell the difference when there are no fiduciary standards and no mandatory disclosure requirements?
Industry lobbyists say requiring brokers to meet a fiduciary standard that applies today only to registered investment advisors, a special category of money managers, "will lead to more lawsuits against the industry and add burdensome compliance requirements," Bloomberg reports.
