The end of the 2024 fiduciary rule means one-time retirement advice no longer requires advisors to act in your best interest

A one-time recommendation to roll over TSP assets does not require the advisor to act as a fiduciary. That means they are not legally obligated to put your best interest first, disclose conflicts, or ensure the advice remains sound over time. The Department of Labor’s 2024 fiduciary rule, which would have expanded when financial professionals must act as fiduciaries, has been vacated. Now, the 1975 ERISA definition and the DOL’s 2020 guidance apply. Under this framework, fiduciary status hinges on whether advice is given on a 'regular basis' and under a mutual understanding of an ongoing relationship. A single consultation—framed as a free TSP analysis or retirement income plan—typically avoids fiduciary duty. That lowers regulatory exposure for the advisor but also removes key protections for federal employees. Fiduciary status requires prudent, conflict-managed advice and long-term accountability. Without it, a recommendation might be suitable at the moment but fail to address tax strategy, Social Security timing, FERS pension integration, Medicare decisions, or future market shifts. There is no obligation for follow-up. Ongoing advisory relationships, by contrast, are more likely to trigger fiduciary responsibility. They include continuous monitoring, adaptive planning, and coordinated decision-making across all retirement pillars. While not all one-time advice is harmful, and some commission-based transactions are appropriate, the current rules do not require the best-interest standard at pivotal moments like retirement. Federal employees should ask whether the advice offered is part of a lasting relationship, who will adjust the plan over time, and when—exactly—the advisor is acting as a fiduciary. The most important question is not what the recommendation is, but who will still be there after it’s carried out. High-stakes decisions like TSP rollovers can now be made without the advisor being held to a best-interest standard.