The soon-to-be-reintroduced bill is reportedly identical to H.R. 4747, introduced nearly a year ago in the last Congress, according to the American Benefits Council.
That version would have dampened the impact of rules that effectively block a money manager from offering advice for a fee on assets it manages.
The approach advocated by Boehner’s original bill would allow money managers to offer participant advice, provided that such advice was accompanied by specific disclosures regarding the fees, services and relationship of the provider to the investment funds’ choices offered to participants.
Critics of the Boehner bill were concerned that the advice offered by investment managers is inherently conflicted, regardless of disclosures.
– Nevin Adams firstname.lastname@example.org
For MORE on the original proposal, see The Advice Question