On April 6, 2016, the DOL published its final rule redefining when service providers are required to act in the client’s best interest when dealing with retirement assets. The fiduciary rule broadens the ERISA definition of fiduciary investment advice for retirement plans and accounts. As a Registered Investment Advisor (RIA) firm, all of BFSG’s advice is already subject to a similar and often higher fiduciary standard, and we expect the rule to have no impact on our relationship with the clients we serve. We are currently reviewing the very detailed and complex rule in order to provide clients with an update on the impact it may have on other service providers involved in the administration of their plans the plan. In the meantime, a copy of the related documents can be found here.
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