Fiduciary News

For almost two years now, I have been expressing my frustration about the “Fiduciary” standard because I knew that the lobbying effort during the rules making process leading up to the proposed regulation would be intense and would be ruled by those with the most to lose. I could not believe that people on our side supported the idea.

I posted all over LinkedIn that all we had to do was to look at the outcome of “fee disclosure” to know what a “fiduciary” standard would look like. The fee disclosure rules provided the worst offenders in our industry the unearned imprimatur of regulatory approval actually making it easier for providers to take advantage of the nation’s workers.

Look at what is happening with the “fiduciary” standard. People who sell investments on commission can call themselves a fiduciary! Words are supposed to have meaning.

If the concept of a fiduciary standard of care is to have any meaning in the future and if the nation’s savers are going to have a meaningful chance of experiencing how a true fiduciary managing their employer’s 401k plan can change their lives and futures for the better, then the DOL’s current proposal must be stopped dead in its tracks.

Chris recently posted a great story about what is happening. Please take a moment to read the story I linked to here and contact your clients and your Representatives and Senators in Congress and tell them to resist efforts to finalize the “fiduciary” standard.
[bpfb_link url=’http://fiduciarynews.com/2015/09/six-months-later-and-its-now-clear-the-current-dol-fiduciary-proposal-worsens-investor-protections/’ title=’
Six Months Later and It’s Now Clear the Current DOL Fiduciary Proposal Worsens Investor Protections | FiduciaryNews ‘ image=’http://fiduciarynews.com/wp-content/uploads/2015/09/nest-1569454_free_images_royalty_free_300.jpg’]Is the DOL about to give brokers everything they want?[/bpfb_link]