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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