It would be one thing if you knew which was which, it’s another issue entirely when this major difference is obfuscated – the major difference of course being whether they must work in your best interest or not!
As a plan fiduciary you are required to act in the best interest of the plan's participants. Failure to maintain a sufficient bond can be considered a breach of fiduciary duty.
It will be interesting to see how a Trump administration handles the DOL Rule, which is scheduled to go into full effect in the second quarter of 2017.
I’m not a gambler, but if there were odds on this kind of thing I would definitely bet that the broker/dealer industry is not done – not by a long shot.
