Los Angeles partner Fred Reish was quoted in two ThinkAdvisor articles regarding the Department of Labor’s final rule to amend the definition of fiduciary on retirement accounts.
Fred said that since DOL’s rule will be such a “big change,” it will “lead to a lot of frustration and early retirements for those who are older and used to working under the old system.”
Fred also discussed how, in the end, it may be that no one will be happy regardless of what the final rule looks like.
“I don’t think it will ever be attractive, because any time the government tells a major business sector how they have to do business, it’s very expensive and disruptive."
Read Fred’s comments below.