whatya sales guys think of this proposal


I don’t know the details beyond wanting advisors to officially be fiduciaries on retirement accounts. In theory, this makes sense for the 401k market, but less so for IRAs.

Either way, it’ll suck for advisors that just do the occasional 401k plan here and there. Once they become recognized as an ERISA fiduciary, we (salespeople) can’t even take them out to lunch. The entertainment standards are crazy strict.