Treichel Shares Understanding of New Fiduciary Rule and Its Impact on Retirement Investors

As the conversation around fiduciary responsibilities continues to evolve, the Department of Labor’s (DOL) latest fiduciary rule, known as the Retirement Security Rule, has significant implications for retirement investors. Bonnie Treichel, Founder and Chief Solutions Officer for Endeavor Retirement, provides insights into why this rule matters and what investors need to know.

The rule, published as a final regulation on April 23, 2024, aims to expand fiduciary coverage under the Employee Retirement Income Security Act (ERISA). This means more financial professionals, including those advising on individual retirement accounts (IRAs), will be held to the highest legal standard of care and loyalty when making investment recommendations.

In the article, Treichel highlights three key takeaways for investors:

1. Fiduciary status is based on function, not titles or disclosures.
2. ERISA fiduciary status is the highest legal standard.
3. Fiduciary responsibility comes with personal liability.

The rule’s future remains uncertain, as legal challenges are already underway. However, regardless of potential changes, investors should take proactive steps: review their retirement accounts, confirm if their advisors are ERISA fiduciaries, and ensure they receive transparent and fair advice.

To learn more about the fiduciary rule’s impact, read the full article here: Fiduciary vs. Non-Fiduciary Adviser: Understanding the Difference for Your Retirement