While most of us have heard the phrase fiduciary duty, I’m imagining very few of us could give a clear definition. Recently, you may have heard some mention of this in the president’s State of the Union address. You may have heard some mention of this in the president’s State of the Union speech earlier this year. Since then, the term has frequented the media headlines with the release of the Department of Labor’s (DOL) new “Fiduciary Rule.” In simple terms, a fiduciary duty is the legal obligation to act in the best interests of another person without concern for their own interests.
Why is this important? The DOL’s new rule requires that anyone advising another person on their retirement accounts (IRA, 401K, etc.) adhere to a fiduciary standard. This will necessitate a few procedural changes for Peak. However, due to Bardie’s designation as a CERTIFIED FINANCIAL PLANNER, she has always been held to a fiduciary standard. We are required to act in your best interest and that’s what we will continue doing.
This new DOL rule is still pretty fresh and so we will continue to study its implications. However, if you take nothing else away from this, please know that we have always been and will always be committed to whatever is best for you and your families.