Washington, D.C. counsel Brad Campbell was quoted in The Wall Street Journal in an article titled, “Saving for Retirement? The Rulebook Is About to Change.” The article discussed the Labor Department’s final regulations, which will require brokers and other advisers providing investment advice on retirement accounts to adhere to an ERISA-based fiduciary regime. The final rule has significant implications for advisors to IRAs operating under current securities law, and for rollovers and distributions from retirement plans and IRAs.
Brad commented on the broad scope of the rules, which will affect more than $7 trillion in IRAs and nearly $7 trillion in 401(k)s and similar employer-sponsored retirement plans, noting that the effect might extend beyond the jurisdiction of the final rule to other types of financial advice. “This is the $14 trillion tail that has the potential to wag the dog,” said Brad.