Under the proposed fiduciary rule, certain activities by service providers which have historically been education are likely to become fiduciary investment advice. Bonnie Treichel, Founding Partner at Endeavor Law, was quoted in Bloomberg Law, “Banks and insurers may take on fiduciary status already in some cases, but financial wellness firms almost never do. When experts sit down with workers to go over the benefits of their workplace 401(k)s, there can exist a gray area between education and advice.” To read more about Treichel’s insights, read the full article: 401(k) Rule Triggers New Look at Employer Provider Risks by Austin Ramsey.
Treichel quoted in Bloomberg Law regarding Employer Risk under Biden’s Fiduciary Rule
November 27, 2023