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Comment: Redefining Fiduciary in the Robot Age: How the Department of Labor’s New Definition Will Encourage Robo-Investment Platforms and Remove the Human Element From Investment Advising 

Published onAug 07, 2022
Comment: Redefining Fiduciary in the Robot Age: How the Department of Labor’s New Definition Will Encourage Robo-Investment Platforms and Remove the Human Element From Investment Advising 

18 Wake Forest J. Bus. & Intell. Prop. L. 316

This Comment explores the impact of the Department of Labor’s
(“DOL”) expanded coverage of investment advice under its new
Fiduciary Rule (the “Rule”). 1 The Rule’s impact on the market will
give rise to the increased presence of “robo-advisers,” or digital
platforms powered by an algorithm that provide investment advice. 2
But while the aim of the new Fiduciary Rule is to create uniformity and
heighten the standard for giving investment advice, 3 a more difficult
question takes the place of old concerns, as regulatory concerns under
the Employee Retirement Income Security Act of 1974 (“ERISA”), 4
Investment Advisers Act of 1940 (“IAA”), 5 and the fundamentals of
fiduciary duty must be applied to technology rather than to human
beings.

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