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DOL Fiduciary News: May 16, 2017

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Fidelity's approach to DOL fiduciary rule rankles some 401(k) advisers

InvestmentNews; May 15, 2017 @ 2:20 pm

Fidelity Investments is aggravating some retirement plan advisers.

Their ire stems from changes that Fidelity, the largest record keeper of defined-contribution plans, is making to its business in relation to compliance with the Labor Department's fiduciary rule, set to take effect in about a month.

Fidelity is taking on fiduciary responsibility for both plan-level and participant-level advice in some DC plans, which itself may not seem out of the ordinary since the conflict-of-interest regulation is creating a massive shift in the way retirement plan providers operate.

The way Fidelity is going about it, though, is where there's tension.
(http://www.investmentnews.com)

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