The retirement process has gotten substantially more complex since the current rules were designed. Unfortunately, ERISA was enacted nearly 50 years ago and has not been updated since. The five part test used to determine whether someone is an investment advice fiduciary under ERISA predates the 401 by three years and widespread investments in IRAs by more than two decades. Many will need assistance with retirement, especially if they have limited savings. It takes tremendous trust to provide your professional, your personal financial information to someone else and give them control over your future by making investments on your behalf. (00:36–00:52)
CLAIM
Asserts that the five-part test under ERISA predates the 401(k) by three years and IRAs by more than two decades.
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