According to the Wall Street Journal and other sources, the Department of Labor (DOL) on Wednesday will publish its long-awaited fiduciary rule, raising the bar from a “suitability” standard to a “best interest” standard in the marketing of retirement products.
“The DOL has effectively created a uniform fiduciary standard for all retirement advisers, including brokers and insurance agents,” said Marcia Wagner of the law firm bearing her name in Boston. “They will now effectively be subject to the same disclosure and compliance policy requirements that registered investment advisers are already subject to under securities law.”
According to the WSJ, the unveiling will be done at 11:30 a.m. Wednesday at the Center for American Progress, a think tank in Washington, D.C.
After the rule is published, there will be a 75-day public commentary period and at least one public hearing.