Why Is ‘Fiduciary’ Losing Its Luster?
Of Counsel Michelle Capezza spoke to Fiduciary News about the Department of Labor's efforts to expand the definition of fiduciary and compel financial services providers to embrace the term. Michelle said, "Many financial providers adopted the fiduciary business model as a result of the department of Labor's efforts to expand the definition of investment advice fiduciary that had been in effect since 1975 under ERISA and the anticipated impact this would have on the retirement plan industry."
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