The Department of Labor (DoL) has proposed a definition of “fiduciary” that covers individuals who provide investment advice or recommendations for a fee to ERISA-covered and non-ERISA plans and participants (and individual retirement account owners). The proposed rule aims to reduce conflicts of interest that may arise when investment advisers make recommendations that favor their own financial well-being over a client’s best interest. This Client Action Bulletin provides an overview of the DoL’s proposed rule and related proposed prohibited transaction exemptions as they apply to plan sponsors and participants.