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A Q&A with Phyllis Borzi, the DoL powerbroker aiming to remake the retirement market

Borzi says she is pushing through Bush administration initiatives; her expansion of the fiduciary standard is drawing ire

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Phyllis Borzi: It’s quite common for an entity to be subject to multiple legal regimes. ... It’s just the way things are.

Women of Wealth Management

Craig Morningstar

Craig Morningstar

April 12, 2013 — 11:11 PM

If you are an Advisor who knows exactly what a Named Fiduciary, Limited Scope 3(21), 3(38) is, and can speak to all the various aspect of ERISA and DOL….do us all a favor. Call fund companies and recordkeeper services providers…and ask if they serve in these roles. I had a shock today when I did just that, called service providers and asked what fiduciary service they provide. The questions were direct, simple and ment to test if they actually knew what they were saying. In a few words….they said they do all of the ERISA requirements. The DOL should call the recordkeepers and ask these types of questions….then send letters and let them know the difference. It is about time someone sets the guidelines, to stop the plan industry lies.

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