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Examining Proposed Changes to The Fiduciary Rule with Kevin Walsh | Tao of Chao 16
Manage episode 407752060 series 3457350
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The Department of Labor has once again proposed changes to The Fiduciary Rule to expand fiduciary application to those selling investing products and delivering advice to retirement plans.
Kevin Walsh, a legal expert in this matter joins Philip Chao to discuss the reasons behind the push and what the DOL is trying to accomplish. There is no question that we need fiduciaries to serve in our best interest but will the DOL's approach succeed in extending projection under every circumstance?
DISCLOSURE: Views expressed in the Tao of Chao podcasts are individual opinions and they do not represent the employers of each guest or the firm with which each guest is associated. Our podcasts are for educational and informational purposes only and should not be deemed or viewed as investment advice or recommendations. Please consult your personal financial advisor, investment expert, or investment fiduciary before taking any actions about your plan and investments.
Chapters
1. Cold Open (00:00:00)
2. Introducing Kevin Walsh (00:00:47)
3. Episode Topic: Fiduciary Standard in 2024 (00:01:29)
4. ERISA, Fiduciary Responsibility, and the Five Part Rule (00:02:32)
5. Attempted Updates to ERISA over 50 years (00:04:45)
6. Transferring Plan Responsibilty from Employer to Individual (00:06:28)
7. Why does ERISA continue to be rewritten? (00:08:51)
8. Regulating transfers from employer-managed to individual-managed (00:10:08)
9. Department of Labor plans to revise five-part test (00:11:43)
10. Protecting participants from "bad actors" (00:13:36)
11. Sole-Interest Standard vs Best-Interest Standard (00:16:56)
12. Are record keeper becoming fiduciaries? (00:21:06)
13. Analyzing proposed changes to rules (00:24:37)
14. Pushback from the Insurance Industry (00:26:06)
15. Insurance industry best interest standards (00:26:53)
16. Frustrating Regulatory Structures and Oversight (00:28:32)
17. Confusion and Complexity for Customers (00:29:04)
18. New Disclosure and its Limitations (00:31:32)
19. Department of Labor should "leave the rules alone" (00:34:39)
20. Debating Education, Advice, and Liability (00:38:04)
21. Importance of Financial Literacy (00:41:09)
22. Need for Uniform Rules and Congressional Action (00:42:23)
23. EoS (00:44:09)
24. Legal Disclaimer (00:44:32)
22 episodes
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