The coalition includes the Certified Financial Planner Board of Standards (CFP Board), the Financial Planning Association (FPA), and the National Association of Personal Financial Advisors (NAPFA).
Literally down the hall from the session, the House Appropriations Committee approved a report warning DOL’s fiduciary rule could pose far reaching harm to low- and-moderate income investors.
“The DOL is neither an expert in the area of overseeing investment advisors, nor the primary regulator for broker-dealers. The committee knows of no peer-reviewed studies that have established causation between a fiduciary standard and returns on investment,” the report said.
Key Congressman Says DOL Fiduciary Rule Would Cut Advisors Off From Investors
June 17, 2015
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Comments
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Hank, do you believe that all brokers are evil? Do you likewise believe that hourly advisors are all perfect, righteous little angels? As a commission only broker, I don't sell annuities, inside or outside of an IRA. The fees/expenses are too high and investors, small and large, benefit from other products I sell that are lower in commission than paying 1.0% to 1.5% per year forever. Hypocrite.
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The only reason small investors will not be serviced is because the brokers can't make enough money by selling them inappropriate products such as annuities in an IRA. Those investors will have to turn to firms that charge on an hourly basis. Those firms will find the right product for the investor.