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Should your financial adviser act in your best interest? You decide.
Full disclosure: as is always the case with Federal regulations, the issues can be nuanced. Over 3,000 comments were submitted for this when it was a proposal. It was quite possible for a commenter to oppose the regulation as it was written and not be opposed in general to what it was trying to bring about. It's not a black and white issue. There are several shades of gray.
Hat tip for that thought: a fellow DUer.
Should your financial adviser act in your best interest? You decide.
By Michelle Singletary Columnist February 9 at 5:11 PM
....
Earlier this month, President Trump issued a memorandum ordering the Labor Department to “examine the fiduciary duty rule to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice.” He directed the department to “prepare an updated economic and legal analysis.”
{It’s too late for Trump to stop this financial rule.}
You really think this rule hasn’t already gone through years of analysis? ... It’s been at least six years in the making. The Labor Department received more than 3,000 comment letters. A 2015 report from the White House Council of Economic Advisers, using independent research, estimated that conflicted advice cost investors $17 billion a year.
For the Color of Money Book Club for this month, I’m recommending you read for yourself what the fiduciary rule will do. At dol.gov, search for “Conflict of Interest Final Rule.” You’ll find a link for the actual rule posted in the federal register. For an explainer that will probably make more sense, here are two documents from the Labor Department (DOL), which argued for the rule under President Obama:
● “Department of Labor finalizes rule to address conflicts of interest in retirement advice, saving middle-class families billions of dollars every year.” Here’s the link: https://www.dol.gov/ProtectYourSavings/FactSheet.htm.
● “FAQs: Conflicts of Interest Rulemaking” can be found at https://www.dol.gov/featured/protectyoursavings/faqs. The page offers 22 questions, including an explanation of conflict of interest and what the new rule covers. Be sure to read: “How can I know if my adviser is acting in my best interest?”
Next go to investopedia.com, which has a good history and summary of the arguments for and against the rule. On the homepage, click the link for “DOL Fiduciary Rule Explained as of Feb 3, 2017.”
....
I’ll be hosting an online discussion about the rule and any new developments Feb. 23 at live.washingtonpost.com.
Write Singletary at The Washington Post, 1301 K St. NW, Washington, D.C. 20071 or singletarym@washpost.com. To read more, go to http://wapo.st/michelle-singletary.
Michelle Singletary writes the nationally syndicated personal finance column, “The Color of Money.” Follow @SingletaryM
By Michelle Singletary Columnist February 9 at 5:11 PM
....
Earlier this month, President Trump issued a memorandum ordering the Labor Department to “examine the fiduciary duty rule to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice.” He directed the department to “prepare an updated economic and legal analysis.”
{It’s too late for Trump to stop this financial rule.}
You really think this rule hasn’t already gone through years of analysis? ... It’s been at least six years in the making. The Labor Department received more than 3,000 comment letters. A 2015 report from the White House Council of Economic Advisers, using independent research, estimated that conflicted advice cost investors $17 billion a year.
For the Color of Money Book Club for this month, I’m recommending you read for yourself what the fiduciary rule will do. At dol.gov, search for “Conflict of Interest Final Rule.” You’ll find a link for the actual rule posted in the federal register. For an explainer that will probably make more sense, here are two documents from the Labor Department (DOL), which argued for the rule under President Obama:
● “Department of Labor finalizes rule to address conflicts of interest in retirement advice, saving middle-class families billions of dollars every year.” Here’s the link: https://www.dol.gov/ProtectYourSavings/FactSheet.htm.
● “FAQs: Conflicts of Interest Rulemaking” can be found at https://www.dol.gov/featured/protectyoursavings/faqs. The page offers 22 questions, including an explanation of conflict of interest and what the new rule covers. Be sure to read: “How can I know if my adviser is acting in my best interest?”
Next go to investopedia.com, which has a good history and summary of the arguments for and against the rule. On the homepage, click the link for “DOL Fiduciary Rule Explained as of Feb 3, 2017.”
....
I’ll be hosting an online discussion about the rule and any new developments Feb. 23 at live.washingtonpost.com.
Write Singletary at The Washington Post, 1301 K St. NW, Washington, D.C. 20071 or singletarym@washpost.com. To read more, go to http://wapo.st/michelle-singletary.
Michelle Singletary writes the nationally syndicated personal finance column, “The Color of Money.” Follow @SingletaryM