Seven States Sue SEC To Block Reg BI Rules

Some of these holier than thou FA articles make me ill. Granted it is impossible to fully understand the impacts of the SEC Best Interest Regulation as it is 1350 pages and if printed weighs 13.5 pounds. Like all security regulations it is full full of appendixes, references to other regulations and letters so is impossible to know the full restrictions placed on the industry. From conversations I have had with security providers it seems to have many of the faults of the DOL Fiduciary Rule which when you cut to the bone made it impossible for anyone to work in the retirement arena fee or commission. Thankfully the Class Action lawsuit risk from the 9th Circuit back in 1984 was overruled by the 9th Circuit itself so arbitration is the law of the land again but this article was written by someone that has obviously never worked with a client or used simple math to identify the cheapest alternative for a client. Most retirement business is a long term investment meaning that a 1% fee quickly becomes much more expensive than paying a commission. Don't believe me do the simple math.