Reporters Austin R. Ramsey and Paige Smith from Bloomberg Law cover Fidelity’s launch of their crypto-friendly product and tensions between the Boston-based company and the DOL’s Employee Benefits Security Administration. QPA’s Matthew Eickman, J.D., AIF®, offers his perspective.
“At a very challenging time in the labor market, when organizations are struggling to keep employees—particularly millennials and other young workers—Fidelity is nudging employees to tell plan sponsors, ‘I want that. I want cryptocurrency,’” said Matthew Eickman, national retirement practice leader at Prime Capital Investment Advisors LLC in Omaha, Neb. “But plan sponsors will have to answer to the Labor Department for that, not Fidelity.”
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Punching In: Crypto Clash Pits Fidelity Investments Against EBSA