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Gwaltney Quoted in U.S. News & World Report Article

October 2017
Charlotte Litigation Member Larry Gwaltney was quoted in an U.S. News & World Report article on October 11. The article, titled, “ERISA: Why the Fiduciary Rule Is Not a New Idea,” discusses the ins and outs of the DOL’s fiduciary rule, which requires financial advisors to act in the best interests of clients when providing advice about retirement accounts. The underpinning for the rule was another law mandating a fiduciary standard – the Employee Retirement Income Security Act (ERISA) of 1974. 

Gwaltney spoke on how the same money that was governed by ERISA’s fiduciary standards one day was the next day subject to a weaker suitability standard when it was rolled over into an IRA. “Under the Obama administration, the Department of Labor believed it was costing people literally thousands of dollars in retirement income," Gwaltney says.

Click here to read the full article.