Of Counsel Michelle Capezza spoke with Forbes on the Department of Labor's new fiduciary rule and its potential impact on financial advisors and retirement investors.
Michelle commented, "Advisor fees for those newly coming under the parameters of the rule will likely increase to address the heightened fiduciary liability considerations and litigation risks, and access to their services and products for retirement investors may decrease. While employees with access to robust workplace retirement plans might not see a drastic change in available services where their employers engage large financial institutions that have already taken on fiduciary responsibility in certain contexts to serve the plan and the participants, workers in small plans or IRA investors might find it harder to obtain financial advisors or industry professionals willing to provide any retirement related advice and take on the increased liability."
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