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The DOL's Best-Interest Proposal Isn't About Best Interest
The Hill Link to more items from this source
[Opinion]
July 13, 2015

"These provisions both explicitly and implicitly limit the types of investments individuals may choose with their own money. Further, the DOL seeks to establish new liabilities, on top of existing private rights of action. When combined with the operations and systems requirements, this new jeopardy of liability very likely would incentivize providers to transition many if not most clients from brokerage to fee-based managed accounts in order to avoid the DOL's burdensome new requirements on the brokerage model, which would result in investors effectively having to buy more services than they want or need, and thus at a higher cost."

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