Killing fiduciary rule – Well, I know the rule mildly impacts my company. I know it radically impacts the Broker/Dealer world. Yet, when is it ever appropriate to put the needs of the company before the needs of the client? The broker dealer world has done just that for far too long.
The public is being misled by the Trump administration to believe that this Fiduciary Rule will somehow limit their access to advice or services. This simply is not the case. They are justifying killing fiduciary rule to help the investors – hog wash!
There is a news article that Morgan Stanley has had their best quarter ever as they prepared and realigned their business to comply with the Fiduciary Rule from the department of labor (DOL).
All I can say is big business does provide jobs. But at what cost do those jobs come? A one degree course correction for a young couple saving for retirement can be huge. That is what the Fiduciary Rule will do. It will stop the churning of accounts to chase commission.
I don’t know what the average person can do to stop the administration from shutting down the rule – maybe you should call your electeds?