A day before the Department of Labor will release the finalized version of its proposed fiduciary rule, a new study of retail financial advisors suggests it will have a negative impact beyond what opponents of the rule have suggested.
Over the more than five-year long regulatory process, Wall Street interest groups and other opponents of have argued the rule will negatively impact low-and-middle income Americans by pricing them out of the financial services market.
In attempting to make most advisors to 401(k) plans and all advisors to IRA accounts fiduciaries, the proposed rule strongly favors fee-based compensation structures.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
