This Obama rule will kill the Middle Class and below ability to access personal advice. https://t.co/Eym2Jq5CUP
— Dave Ramsey (@DaveRamsey) February 22, 2016
The Department of Labor will soon be implementing a fiduciary standard for advisors conduct who manage money for retirement accounts such as 401k.
There have been a number of people claiming that the fiduciary standard will be a disaster for investors, but I cannot find any solid anti-fiduciary arguments.
So let me ask: What are the strong, logical arguments against mandating the fiduciary standard for retirement accounts?
Use the Twitter button below, and please use the hashtag “#fiduciary” on any answers. Or you can email me via ritholtzcapital -at- verizon dot net, putting “#fiduciary” in the subject line
Broker Misconduct Is Worse Than We Thought