Firms prepare now for fiduciary rule

A recent survey found more than 50% of advisory firms are in the process of preparing for the Department of Labor’s fiduciary rule. The DOL will begin enforcement of the rule on December 20, 2021, according to the report. The remaining half of respondents said their firms were ready. The rule sets a fiduciary standard for financial advisors making recommendations for investors about retirement plans and individual retirement accounts (IRAs). Among respondents, 75% of firms cited new technology as a priority to implement the rule and 25% cited policies.

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