Brad Campbell Addresses Reg BI and DOL Fiduciary Rule With InvestmentNews

In “How advice standards have converged 3 years into Reg BI,” benefits and executive compensation partner Brad Campbell spoke to InvestmentNews about Regulation Best Interest (Reg BI) and the Department of Labor’s (DOL) expected iteration of its advice standard for retirement accounts.

The advent of Reg BI and the adoption of the annuity suitability rule by about two-thirds of the states create a regulatory environment for advice standards that’s very different from what it was in 2016 when the DOL promulgated its original fiduciary rule, said Campbell.

With the Securities and Exchange Commission and National Association of Insurance Commissioners measures that focus on serving the best interests of clients, Campbell wonders what the DOL would accomplish by proposing another rewrite of fiduciary regulation.

“This is a rule that’s in response to something that’s not an issue,” Campbell noted. Revisiting the fiduciary rule “strikes me as something that should be very low on their priority list.”