Here’s where the greatest controversy of the new Rule, as with its predecessors, comes to a head.
Tag "Ryan Brown"
In a nutshell, what was initially considered a “pick me because you like me” decision on the part of the prospect has been reframed as a “pick me because I sold you investments” decision. It’s a subtle distinction, but it drives the difference between a fiduciary act and a non-fiduciary act.
The DOL’s new Rule both discourages and permits continued conflicts-of-interest.