that imposes on financial advisers to retirement savers “fiduciary” status under the Employee Retirement Income Security … Act. The Department reasoned that the fiduciary duty of loyalty was necessary to protect retirement savers from conflicted … investment advice. But in addition to a duty of loyalty, ERISA fiduciary status also imposes a duty of care or prudence. And with …

supports external research. This external research is not limited to the theory, but includes the challenges investors face …

explains fiduciary principles in investment advice. Looking at United States federal and state law, the paper first addresses … when an adviser is considered a fiduciary. Next, it discusses the fiduciary duty of loyalty and how the duty is expressed … and applied in investment advisory relationships. The paper then takes up the fiduciary duty of care and how it differs …