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Michael Kitces: DOL Fiduciary Rule a 'Pivotal Moment'
Fiduciary News; free registration required Link to more items from this source
[Opinion]
July 19, 2016

"[If] the SEC properly enforced the rules on the books for the '40 Act and had limited brokers from holding out as financial advisors ... we may have gotten there a lot sooner. But the SEC systematically failed to enforce for the past two decades, and now the DOL has by necessity forced the issue. Ultimately, I expect we'll see the DOL Fiduciary Rule clear the decks of the most sales-oriented 'financial advisors' -- who were really just financial services product salespeople -- while having only limited impact on real advice-centric financial advisors. In the long run, this is a huge plus for establishing a recognized professional status for advisors[.]"

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