Today we are on-site at the California Rodeo Salinas, home of the biggest rodeo in California. It was known as a “Wild West Show” back in 1911 when it began.
So what does the Rodeo and Retirement Plans have in common?
On June 21, the Fifth Circuit Court of Appeals issued its mandate vacating the Department of Labor’s fiduciary rule. The fiduciary rule was put into place to make sure advisers and brokers were legally bound to act in the best interest of their clients.
Now that the rule is dead, the question is: Are we back to the wild west of retirement plans, where advisors and brokers are not required to act in the best interest of their clients?
It is important to know if your advisor is a fiduciary and is legally bound to act in the best interest of you and your employees in regards to the retirement plan.
If you have any questions or comments about this mandate and how it affects your plan, please reach out to us directly by phone or email. We look forward to speaking with you soon.