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News April 24, 2017 Issue

IAA: Fiduciary Rule Definition Should Not Include Pre-Contract and Sales Discussions

Does the Department of Labor just not get it? Investment advisers are already fiduciaries, both under the Advisers Act and under ERISA – yet the DOL’s Fiduciary Rule, as currently written, requires that advisers be fiduciaries not only after client contracts are signed, but during pre-contract and sales discussions. That is the view of the Investment Adviser Association, which, in an April 17 comment letter to the Department, makes clear that it wants that definition changed.

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