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Treichel offers key steps for plan advisors ahead of the final Fiduciary Rule

The Department of Labor’s proposed rule is expected to bring a surge of fiduciaries into the retirement planning industry later this year. This presents an opportunity for retirement plan advisors to distinguish themselves from their peers. Bonnie Treichel, Chief Solutions Officer at Endeavor Retirement highlighted key steps for plan advisors to take before the finalized rule is released. She advised advisors to review the proposed amendments to prohibited transaction exemption (PTE) 2020-02, which aim to offer more protections for investors and clarify how investment advice fiduciaries are compensated.

Retirement plan advisors should assist their plan sponsor clients in assessing any changes in services from providers, such as recordkeepers. Treichel recommends that plan advisors can be the conduit to helping plan sponsors consider any changes in services and fiduciary status from their service provider partners. To learn more from 401(k) Specialist, click here to read Key Action Points for Advisors to Consider Ahead of Final Fiduciary Rule.