Unlike ebony and ivory, the competing laws governing each the SEC and the DOL cannot live in perfect harmony – at least as far as the fiduciary standard is concerned. So say many experienced financial industry pundits and, especially, fi360.
The organization best known for advocating all things fiduciary recently sent a letter to 127 political insiders pointing out the practical problems of trying to fit the DOL's square Fiduciary Rule into the round hole of the SEC's Fiduciary Standard (see "Why the Fiduciary Standard Can't Live in Harmony").
The letter went to a group of Democrat legislators asking the DOL to stop moving forward on its own regarding its new Fiduciary Rule and, instead, "harmonize" their efforts with those of the SEC regarding the latter agency's effort to define a fiduciary standard.
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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).
