By Kathleen McBride via Iris.xyz
The Trump Administration’s motivations in attempts to delay or kill the investor-friendly 2016 Final DOL Fiduciary Rule are suspect. Trump has stated he will eliminate regulation. But some regulation is strongly in the public interest. The DOL Final Fiduciary Rule falls into that category, as Courts have opined.
Americans’ retirement accounts are being systematically looted because of conflicts of interest at broker-dealers, insurance companies, banks and some mutual fund companies. The 2016 Fiduciary Rule would not have been necessary if all who advise retirement investors were already doing so in the investor’s best interest.
Fiduciaries Already Work in Investor’s Best Interest
There are already many fiduciaries already at work in the best interest of investors. The 36.4 million investors who work with fiduciary Registered Investment Advisers (RIAs) already receive advice in their best interest, at a reasonable cost, from the 11,800-plus RIA firms that serve investors as fiduciaries – in all types and sizes of accounts – not only in retirement accounts. RIAs employ 781,000 individuals, and manage $66.8 trillion, according to the Investment Adviser Association’s 2016 Evolution Revolution report.
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