Deputy assistant secretary Timothy Hauser is seeking to ease concerns that rules raising advice standards for retirement accounts could result in an increased number of lawsuits. The rule requires advisers act in the best interests of their clients, which Hauser said shouldn't cause advisers to be anxious about working with clients with modest assets over fears they may be sued since the liability exposure is relative to portfolio size. The comments came at the Financial Planning Association's annual conference in Baltimore, where several advisers told Hauser they questioned their ability to operate under the new regime.
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