Maybe it wasn’t Moses speaking from Mount Sinai, but the Department of Labor (DOL) proposed a new fiduciary rule that will change how retirement plan providers give advice. This is a re-proposal of a rule that was previously withdrawn a few years back.

The heart of the proposal is shattering, it will require all money managers, financial advisors and firms that are paid for dealing with retirement savings to do so in their clients’ best interests, and to disclose when there are potential conflicts.

The new rule will allow for current arrangements for compensation, fees and educational services (such as revenue sharing) to plan sponsors to continue under a new “best interest contract” exemption.

I won’t go into greater detail because the rule is merely proposed and there is enough opposition from Congress and Wall Street that could potentially kill the proposed rule or send it back to the DOL for revisions.

I will certainly keep you all in the loop.