The Labor Department is increasing its scrutiny of potentially improper or undisclosed retirement-plan fees, lawyer Fred Reish wrote recently. Fee-disclosure rules set to take effect next year likely will lead to increased scrutiny by regulators. Even broker-dealers who do not have a fiduciary duty can become "functional fiduciaries" by providing individualized advice or setting their own compensation, Reish wrote. Beyond examinations, other fee-related risks include lawsuits and negative headlines.

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