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Proposed DOL Fiduciary Rule May Not Stop Investor Losses as Claimed
Fiduciary News; free registration requiredLink to more items from this source
Oct. 6, 2015
"While the DOL has, in the past, focused on variable compensation, the academic studies that have been used by journalists to identify the billion dollar losses do not make a distinction between variable and non-variable compensation. Instead, they highlight specific conflict-of-interest fees.... Braden Perry, partner in the Kansas City, Missouri based law firm Kennyhertz Perry, says, 'The BICE allows brokers and advisors to receive otherwise prohibited compensation (12b-1 fees, commissions, trailing commission) if the Best Interest Terms are met.' Under the wording now used for the DOL's Fiduciary Rule, this loophole may allow for these conflict-of-interest fees and, as a result, nullify the claims that the Rule will help retirement savers avoid losses."

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