Fred emphasized the importance of the best interest standard of care in the Department of Labor’s fiduciary rule and broke down the duties into both macro and micro prudence. “The macro requirement is that the investment products be generally prudent for retirement investors. The micro requirement is that the recommended combination of investment products and services be prudent for the particular retirement investor.”
To learn more about Fred’s insights on the two levels of analysis, see the full article, here.
Read Fred’s previous post on the Best Interest Standard of Care here.