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Advisor's Guide to DOL Fiduciary and the New Best Interests Contract Requirement
Michael Kitces in Nerd's Eye View Link to more items from this source
Apr. 11, 2016
"Fiduciary advocates have lamented that the [DOL] conceded several major points ... However, it appears that in reality the DOL fiduciary rule concessions were a brilliantly executed strategy of conceding to the financial services industry the exact parts that didn't actually matter in the long run (while still reducing the risk of a legal challenge), yet keeping the key components that mattered the most: a requirement for Financial Institutions to adopt policies and procedures to mitigate material conflicts of interest and eliminate incentives that could compromise the objectivity of their advisors ... and a second requirement that clients can no longer be forced to waive 100% of their legal rights and accept mandatory arbitration, instead stipulating that while an individual client dispute may be required to go to arbitration, consumers must retain the right to pursue a class action lawsuit against a Financial Institution that fails to honor its aggregate fiduciary obligations."

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