When you’re looking at your overall financial picture, the role of trustee is an important position that comes with a lot of responsibility, but what exactly does the position entail?
As a follow up to our previous post "Fiduciary Rules? Or April Fools...", The Department of Labor’s regulations, aimed at curbing abusive fee practices in regards to the management of IRA, 401(k) and HSA accounts, was finally released on April 5th. The draft regulations released for comment earlier in the year were tough, substantive and had teeth.
However, the final regulations, just released, are virtually meaningless as a consumer protection and may even be softened.
This coming Wednesday: “Hump Day” or “Wacky Wednesday”?
The U.S. Department of Labor has an opportunity to make an historic ruling that will benefit everyone saving for retirement. The final version of the highly anticipated “Fiduciary Rule” is to be announced on Wednesday, April 6.
Why is this important? The fiduciary standard that Registered Investment Advisers (like Carnegie) live by will be forced upon any adviser providing investment guidance to retirement plan accounts. In other words, advisers that are currently permitted to recommend only products that earn them the most commissions will finally be forced to come clean.