Jerry Schlichter Quoted in Forbes Article Regarding the DOL’s New Fiduciary Rule

Schlichter Bogard Managing Partner Jerry Schlichter was quoted in a recent Forbes article concerning the new fiduciary rule and how it could impact retirement savings. The new rule is designed to protect investors who rely on advice from trusted professionals.

The article relays Jerry’s insight that “the DOL is particularly addressing investment advice given to employees and retirees who have 401(k) plan retirement assets and roll out of such funds into IRAs, annuities, and other investments…[T]he DOL rule protects retirement investors by defining anyone who gives such advice as a fiduciary who must adhere to stringent fiduciary requirements to act in the best interest of the individual.”

Additionally, the article quotes Jerry as stating that “Retirement investors can expect to see that a person who advises on what to do with plan assets must: 1) base the advice on the individual needs of the investor; 2) act in the best interest of the investor; and 3) unequivocally state that he or she is acting as a fiduciary to the investor. This will benefit the investor by eliminating conflicts of interest, such as recommendations to buy products such as IRAs, which may be high priced, just because they result in high commissions to the advisor.”

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