Tuesday, March 20, 2012

Latest on Fiduciary

Late last year saw a big debate between the financial industry and the Department of Labor over the proposed redefinition of the fiduciary standard.  The DOL's proposal was so broad and so far reaching that even consumer advocates urged the department to put on the breaks.  As one said, the industry was "not exaggerating" that the rule would force broker-dealers to stop marketing and working with small savers.  At a time when more and more Americans are falling behind their savings goals, less advice is not a good thing.

Reuters is out today with news that the DOL is still working on its proposal.  Exactly when it will come out is not know.