Financial advisers and insurance agents may finally have some regulatory certainty on the question of when giving advice on a 401(k) plan qualifies someone as a fiduciary following a series of court rulings and Department of Labor actions rolling back recent fiduciary rule expansions, according to this Bloomberg Law article "401(k) Advisers See Clarity for Now in Fiduciary Rule Rollbacks." The article examines the retirement industry's reaction to the DOL's decision to restore the 1975 five-part fiduciary test and the Deseret opinion.
As explained by Groom principal Scott Mayland, "The results of the core decisions is that for financial institutions that want to be in the situation that they were before all this, they can be." He clarified "the goal of the litigation really [was] to restore the five-part test and also the Deseret opinion."
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