I can't figure out if the DOL's Phyllis Borzi is tougher than the SEC's Mary Shapiro or just smarter. The evidence can go either way. Let's take a look.
Last week Borzi showed her toughness when she went head-to-head with opponents of the DOL's new definition of fiduciary. She decried the conflicts-of-interest inherent among non-fiduciaries and promised to move forward despite the outrageous slings and arrows being thrown at her and her department.
Contrast that to Shapiro, who only days before conceded things might be delayed in terms of the fiduciary standard. Well, actually she said the SEC would rule on the fiduciary standard by year end but harmonizing the rules between brokers and RIAs might take a little be more time. Why? Because we're all having a difficult time agreeing on things.
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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
