Nova 401(k) Associates
Compensation Strategies Group, Ltd.
Nicholas Pension Consultants
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|Don Trone Blasts DOL Fiduciary Plan, Says Proposed Regs Wouldn't Have Stopped Madoff|
Aug. 13, 2015
"Don Trone, often referred to as the 'Father of Fiduciary,' testified .. that [the DOL's] proposed fiduciary rulemaking would have failed to stop famed Ponzi schemer Bernie Madoff, and that more fiduciaries than brokers have stolen money from investors.... Trone told the DOL execs ... that DOL 'cannot simply wave its regulatory wand and make every advisor a fiduciary.' ... DOL's plan 'is not a fiduciary standard, but rather punitive rules,' Trone continued, adding that the proposed plan is 'going to make it easier for bad advisors to hide behind the complexity of the rules, and make it harder for honest advisors to provide their services.' "
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