Date leaked for release of DOL fiduciary rule

The Labor Department will unveil a final version of the so-called fiduciary rule next Wednesday, according to a published report. The rule, which is expected to be the most disruptive piece of regulation to come down the pike since the Employee Retirement Income Security Act of 1974, will be released by supporters Wednesday at 11:30 a.m. at the the Center for American Progress, a nonpartisan think tank in Washington, D.C., according to a report in the Wall Street Journal. (Survey: Ready or not, a rule change is coming. How will it affect your business?) The rule, which some expected to be released as early as next Monday, will require brokers to adhere to a “fiduciary” standard when making investment recommendations on retirement accounts. Right now, brokers' advice only has to be “suitable,” which proponents of the new rule maintain is a standard that lends itself to the sale of expensive — and often inferior — investment products. A spokesman for the DOL could not immediately be reached for comment.