Labor Department is expected to approve fiduciary rule

05/24/2010 | InvestmentNews (free registration)

The Department of Labor is expected to approve a rule that would require financial professionals who work with 401(k) sponsors to disclose to their clients whether they are acting as fiduciaries. Brokers who do not act as fiduciaries would be restricted to explaining the various options to their clients and refrain from offering any investment advice. Brokers are expected to lose some business to registered investment advisers, who can provide advice.

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