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October 25, 2011 at 09:04 AM
A new law established by the Department of Labor allows plan providers to offer enrollees advice regarding their 401(k) and retirement account plans.
The law, which goes into effect Dec. 27th, is designed to give investors access to the advice they need, while still ensuring that the counsel they receive from advisors remains objective and in their best interests.
Previously, regulations prohibited advisors from offering advice that might be financially rewarding for plan providers, who often also offer mutual funds and other investment vehicles.
