Los Angeles partner Bruce Ashton was quoted in a Financial Advisor article titled, “Financial Advisors Anxious Over August Revision of Fiduciary” on January 29.
The article discusses the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) proposal to a revised rule this August defining the term “fiduciary,” according to the DOL’s fall 2013 regulatory agenda.
Bruce said, “It will be another year or so before a new definition of fiduciary would go into effect, but it wouldn't have much of an impact if the financial advisor is a registered investment advisor and is already taking on a fiduciary role.”
Commenting on the impact the regulation would have on non-RIA’s, he added: "Whenever you expect a change on how you do business and it's unclear how to make those changes, it's anxiety provoking."
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