Prior to the new rules, which will not go into effect for at least a year, advisors have been held to a much lower standard
If you get advice from a professional like a doctor, a lawyer or a financial professional, you should be able to rely on knowing that it will always be in your best interest. Unfortunately, that is not always the case when it comes to financial advice.
Without a single Committee Democrat voicing support, the House Education and the Workforce Committee reported out two bills that purport to require all financial professionals to act in the best interests of their customers when providing retirement investment advice.
Millions of Americans don't even know they're getting ripped off.
One of the perplexing mysteries in the debate over the Department of Labor's fiduciary rule is why securities industry representatives are so adamantly opposed to the DOL rulemaking based on the exact same principles.
The senator is fighting back against special perks that can encourage financial advisers to push clients into bad investments.
Litan seeks to paint himself as the victim, but the real victim here is objective scholarship. Not to mention the millions of working families and retirees who would be left without meaningful protections when they turn to financial professionals for retirement investment advice.
Robert Litan and Hal Singer are certainly entitled to their opinions, no matter how ill-informed. And industry has every right to seek to influence regulations by hiring "experts" to help them make their case. But no one should mistake what Litan and Singer have published for actual economic analysis.
The SEC's enforcement of the fiduciary duty under the Investment Advisers Act has been long on disclosure and short on real avoidance of conflicts.
There's a powerful agenda behind the opposition to the rule proposed by the U.S. Department of Labor (DOL) requiring that advisors to retirement plans be fiduciaries: The securities industry wants to preserve its ability to give conflicted advice. There's a lot at stake.
WASHINGTON -- If at first you don't succeed, turn, turn again. The revolving door in the nation's capital took another spin
Don't do business with brokers who will not confirm in writing that they are fiduciaries to you. In my experience, brokers will not make this representation and instead will try to persuade you that the "fiduciary issue" is a red herring. Don't be fooled. It's a really big deal.