Michael Joyce Reacts to Expansion of Fiduciary Definition

Michael Joyce was quoted in Richmond Times-Dispatch in an article published February 23, 2015 about the proposed changes to the definition of fiduciary.  President Obama announced on Monday a proposal for tougher standards on advisers to retirement plans, effectively expanding the list of advisers held to the strict “fiduciary standard.”  Michael supports the changes and in the article describes who will be covered under the expanded definition.  Currently, registered investment advisers are held to the fiduciary standard.  Other common advisers, to retirement plans, such as brokers and insurance agents, are only required to meet a “suitability” standard.  Those other advisers will soon be held to the stricter standard when advising retirement plans.