Amid a glut of retirement plan industry litigation and regulatory change, advisers are asking the twin questions of whether one owes a fiduciary duty to their client, and if so, what exactly those fiduciary duties entail.
One of our newest colleagues, Dave Grim, former Director of the SEC’s Division of Investment Management, was interviewed by Ignites discussing the SEC’s new sense of urgency surrounding the fiduciary rule. (subscription required)
A U.S. circuit court struck down the Labor Department’s fiduciary rule, dealing a blow to the retirement-savings regulation that has been in partial effect since June.
We continue to wait-and-see how the DOL proceeds and whether a rehearing or appeal will be sought.
Danielle Verbrigghe of FT’s Fund Fire interviewed me on the state fiduciary developments, including the latest on Maryland. I discussed many of the initiatives that are taking place prior to action by the SEC and next steps by the DOL, and said, in part: “Certainly, that does raise the specter of a confusing patchwork of regulations, potentially, if the various states take different approaches. And they seem to be taking different approaches.” The full article can be found here (subscription required)