DOL proposed rule requires retirement plan advice ‘in investor’s best interest’

The Biden administration on Oct. 31 proposed requiring financial advisors working on retirement-plan accounts to act in the best interests of investors, not the companies that create investment products. The core of the new rule—issued by the Department of Labor’s Employee Benefits Security Administration—is an updated definition of investment advice fiduciary. EBSA will enforce the rule if it becomes final, probably in 2024.