By Kathleen McBride via Iris.xyz
Who’s Afraid of Placing Investors First?
Registered investment advisers have been fiduciaries for decades, working in their clients’ best interests under the Investment Advisers Act of 1940, and ERISA. In fact, there are 11,400+ fiduciary RIA firms advising or managing $67 Trillion in assets for 30 million investors large and smaller, in retirement accounts and outside of them. They employ 750,000 individuals.
So why is it that some in Congress, and less progressive firms in the financial services industry – the less progressive insurance, mutual fund, broker-dealer and banks – and their lobbyists, are so afraid of having to place the best interests of investors first? Why do they say it’s unworkable to be a fiduciary?
Click here to read the full story on Iris.xyz.