An article in RIABiz reviews an April 17 letter sent to the Department of Labor by the Investment Adviser Association regarding the fiduciary rule. In the letter, the IAA urges the DOL to "amend the definition of 'recommendation' to exclude pre-contract discussions and general sales conversations by investment adviser fiduciaries." "Unfortunately, the DOL rule created unnecessary uncertainty about when a fiduciary relationship is triggered," investment management counsel David Tittsworth (Washington, D.C.) details in the piece, adding that confusion arises over what constitutes a recommendation under the rule.
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