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7 Areas of 'Relief' for Advisors in DOL's Reproposed Fiduciary Rule (Advisor One)

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A revamping of the Department of Labor’s Employee Benefits Security Administration’s ruling of the definition of fiduciary, under ERISA, has given rise to speculation about the actual outcome next year. Some, such as Fred Reish, partner and chair of the Financial Services ERISA team at Drinker Biddle & Reath in Los Angeles, says the reproposal is “a victory for the private sector and particularly for insurance companies and broker-dealers who objected to a number of provisions in the initial proposal … [though] the victory may be limited.” Some relief on a number of issues, including individual retirement accounts, commissions, appraisals and “individualized” advice, may be coming.