In April 2016, the Department of Labor (DOL) finalized its long-awaited conflict of interest rule and related prohibited transaction exemptions, expanding the definition of "fiduciary advice" under the Employee Retirement Income Security Act of 1974 (ERISA) and The Internal Revenue Code. While the new rules were primarily developed in an attempt to further regulate the advice provided by professionals in the financial services industry with respect to individual retirement accounts, the newly expanded definition of "investment advice" will inevitably cover advice commonly provided by estate planners.
Hopkins, Jamie Patrick, "Be Wary When Giving Investment Advice to Clients" (2017). Faculty Publications. 717.