Endeavor Retirement quoted regarding new Fiduciary Rule

On October 31, 2023, the Biden Administration and DOL announced the fiduciary rule (again). This proposed rule could redefine what it means to be a fiduciary under ERISA Section 3(21) and could have a major impact on the long-standing five-part test from 1975 that determines what constitutes investment advice under Section 3(21).

Bonnie Treichel, Founder and Chief Solutions Officer of Endeavor Retirement, was quoted by InvestmentNews, “When compared to the 2016 rule, this definition is more narrowly tailored than the 2016 version of the rule,” she said. “You must imagine that the DOL carefully crafted this definition so that we don’t end up with a fifth version of the fiduciary rule.” Read the full article here.