Regional Vice President of Sales The Retirement Plan Company
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Compass
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Bates & Company, Inc.
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Why Exactly DOL's Latest Action Is So Shocking to So Many Brokers
RIABiz [Opinion] Apr. 20, 2015
"[M]illions of investors, holding a combined $7 trillion of individual retirement account assets, will be empowered for the first time to file class actions against advisors and their broker-dealers whom they believe have failed to put their interests first.... The financial services industry has been anticipating stiff 401(k) rules for years. Even so, the 120-page proposed rule was a shocker, carrying an IRA bombshell and a brand new 'best interest standard' for brokers.... For an industry accustomed to muddy rules and a focus on funneling the fury of ERISA toward 401(k) plans, not IRAs, the long-awaited proposal seems harsh, unforgiving and out of left field, according to broker-dealers and advocacy groups."
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