Does A Fiduciary Standard Mean Advisors Must Be Buddhas?


In 2013, Fidelity’s employees sued Fidelity for failing to push index funds in their company’s 401K.

As a result, most of the 401K money was invested in actively managed funds. In 2014, Fidelity’s employees won damages.

The United States is now implementing a fiduciary standard for advisors who build retirement portfolios for clients.

Will Fidelity’s lawsuit set a precedent?

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Andrew Hallam

I’m a financial columnist for Canada’s national paper, The Globe and Mail, as well as for AssetBuilder, a financial service firm based in Texas. I’m also the author of Millionaire Teacher: The Nine Rules of Wealth You Should Have Learned in School (2nd Ed. Wiley 2017) and The Global Expatriate’s Guide To Investing: From Millionaire Teacher to Millionaire Expat (Wiley 2015). My mission is to educate, motivate and inspire people on basic retirement planning and best practices for investing, using evidence-based strategies. I'm happy to comment on your questions. However, please read the Terms of Use, Privacy Policy and the Comments Policy.

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