Insane compliance, a whole new fiduciary world, and bad news for index funds
You may not remember this, but several months ago the SEC penalized three AIG affiliates $7.5 million for charging $2 million in extra 12b-1 fees as a result of directing
“The SEC systematically failed to enforce for the past two decades, and now the DOL has by necessity forced the issue.”
Don’t be surprised if this collective wisdom confirms certain instincts you have always possessed, drives a stake in the heart of a myth you’ve long embraced, and opens your mind to an idea you’ve never thought to consider.
Ron also says to “sunset” BICE, eliminate all conflicts-of-interest, and don’t trust FINRA.
Is the DOL about to give brokers everything they want?