White Papers

Mapping the Boundaries Between Education and Advice Under the New Fiduciary Rule

The final rule reflects the DOL's acknowledgment of the comments it received from many plan sponsors, plan service providers and industry groups that investment education is a crucial element in helping individuals achieve financial security in retirement. By preserving a “safe zone” around general education efforts, the rule allows plan sponsors and service providers to continue to provide education to help plan participants make appropriate decisions without regard to retirement investing. However, it is the responsibility of plan sponsors and providers alike to understand where the line has been drawn between investment education that does not constitute advice and investment information that may cause them to be deemed fiduciaries. Understanding where that line is drawn begins with a review of what constitutes “investment advice” under the final rule and what does not.

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