What is his ETA for a comprehensive fiduciary rule that would apply to advisors and brokers alike charging fees for advice? “It was 1940,” quips Moisand, referencing the year the Investment Advisers Act of 1940 was enacted.
The FPA Victory Over The SEC, 10 Years Later
December 29, 2017
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Unless they also include insurance in the SEC universal fiduiciary rule the equity index mills will just continue with their dinner seminars and scare tactics to sell high commisison products. This must be addressed. However, congress messed this up when they allowed Tom Harkin to tack on an amendment to exempt insurance products from the SEC. It was a big mistake and it needs to be fixed by congress.