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Conflicts-of-interest cost retirement investors billions

What's the true cost of (the lack of) a uniform fiduciary standard?

By Chris Carosa | Updated on April 09, 2013

The first two months of the year saw the release of a pair of independent studies — the first from the National Bureau of Economic Research and the second from Boston College’s Center for Retirement Research —that might have flipped the debate on the cost of a uniform fiduciary standard.

Indeed, the issue of the fiduciary standard never should have centered on fees. Fiduciaries can charge any range of fees, as long as they’re “fair.” The real issue should have been, and always will be, conflicts of interest. Remember, the singular motto of the fiduciary duty isn’t “charge the lowest fee,” it’s “always act in the best interest of the client.”

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