The Department of Labor's long-awaited final fiduciary rule "ensures that putting clients first is no longer a marketing slogan, it's the law," Labor Secretary Thomas Perez told reporters on a Tuesday afternoon call to announce completion of the DOL's rule to amend the definition of fiduciary on retirement advice.
"With the finalization of this rule, we are putting in place a fundamental protection into the American retirement landscape," Perez said. "A consumer's best interest must now come before an adviser's financial interest. This is a huge win for the middle class."
After nearly six years of reworking the rule based on extensive and "invaluable" public feedback from consumer groups and stakeholders, Perez told reporters that the DOL has "streamlined" and clarified its conflict of interest rule — including the controversial Best Interest Contract Exemption, the disclosure provisions, proprietary products and treatment of products like annuities, as well as commissions.
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
