My Sunday Washington Post Business Section column is out. This morning, we look at whether the upcoming changes to the DOL’s Fiduciary Rule even matter anymore.
I argue its too late to stop the trend towards putting clients first.
Here’s an excerpt from the column:
“At first blush, this looks like a big way the Trump administration could directly affect everyday investors. As it turns out, whether the fidicuary rule hurts you isn’t up to Trump — it’s up to you.
Let me explain. Whether it is overturned by the Trump administration is besides the point. The Labor Department has already taken the key language offline (you can see the earlier text here). Even before the government announced the new standard of care for advisers on retirement accounts, the public had figured it out: Investors have been moving away from high-cost, conflicted advice (with undisclosed kickbacks to brokers on the side) and toward low-cost investment advice where the adviser acts transparently in the investor’s best interests.”
Check out the entire column. Its an important issue this administration is a) on the wring side of; and b) is too late to stop.
It’s too late for Trump to stop this financial rule
Washington Post, February 12, 2017