WrapManager's Wealth Management Blog

When life changes, we can help you thoughtfully respond.

The Definition of Fiduciary Matters: Here’s Why

Posted by Michael J. O'Connor | CWS®, Vice President

May 25, 2016

On Wednesday, April 6, the U.S. Department of Labor finalized what they’re calling the “rule to address conflicts of interest in retirement advice.” Many advisors have been concerned about what the rules would actually entail, and how it might affect their business models. According to a survey of 485 financial advisors conducted by Fidelity, 73% are concerned the rule will have a negative impact on the way they do business. 

In short, the rule states that any advisor/broker that handles retirement accounts must adhere to the fiduciary standard (to note: WrapManager already adheres to the fiduciary standard, so we do not anticipate any significant changes to how we operate). That means that no matter what the product involved—stocks, annuities, mutual funds, separately managed accounts, or commission products—the advisor must by law put the client’s best interests ahead of their own. Before the law, certain brokers and types of advisors could recommend a product as long as it was “suitable” for their clients.

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