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The New Face of The Fiduciary
WealthManagement.com Link to more items from this source
Apr. 3, 2013
"The sleeping giant woke up in late December, when the DOL put its fiduciary standard on its list of regulatory priorities for 2013, and marked July 2013 as the expected release of a second notice of proposed rulemaking. The uncertainty around the future rules of the industry has always been a concern -- the SEC's fiduciary standard is still being debated and FINRA's attempt to force brokers to disclose recruiting bonuses is a controversial one -- but bringing the power of the Dept. of Labor into the mix could be a game changer.... The DOL's proposal would have a major effect on both registered reps and RIAs. Unless exemptions are made, brokers would have to act as fiduciaries in retirement and IRA accounts, giving up their current compensation model."

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