Aren't these the same firms that used to charge $75 or $100 as a minimum fee per trade? And claim that there was no way to do one cheaper?
There are plenty of RIA firms currently handling IRAs and IRA rollovers under a fiduciary standard. I'm sure they would be happy to take up the slack.
Stephen Winks
12 years ago
Borzi is right, it is the consumer's best interest
The DOL's Borzi understands perfectly that there is a fiduciary obligation for advisers to act in the consumer's best interest when advising retirement assetsto include IRAs. The industry just hasn't figured out how.
The solution is simple. Rather than sell packaged products, brokers should sell packaged advisory services to include IRA advice.
Problem solved.
Does the industry really think, they do not have to do anything inorder for their brokers to fulfill their fiduciary duties?
Borzi should hold her ground.
It is in the best interest of the consumer that the industry adapt, not the DOL.
SCW