The Labor Department is holding hearings this week on its proposal to impose fiduciary requirements on retirement advisors -- the latest phase of its contentious process to craft new rules on consumer financial protections. Throughout the week, Labor will hear from some 25 investor advocates, academics and representatives of various industry sectors that would be affected by the fiduciary rules, which the department says are necessary to protect retirement investors from conflicted advice that might not be in their best interest.
SourceMedias Financial Planning, On Wall Street, Employee Benefit Adviser and Employee Benefit News are covering the hearings. Complete, ongoing coverage along with commentary from their expert contributors can be found here:
August 17, 2015
The government aims to reduce the "magnitude of the injury" to clients from conflicted advice, Timothy Hauser, the offiicial who chaired the hearings on Capitol Hill, tells Financial Planning.
August 13, 2015
August 11, 2015
Brokerage industry leaders told Labor officials that the plan's contract requirements will compel them to drop less-affluent clients who want to retire.
August 10, 2015
In its first day of hearings about the proposed fiduciary rule, the DoL has heard testimony from advisors, legal experts and other industry representatives many seeking revisions to minimize the burden of the rules future implementation.
August 10, 2015
A week of hearings on contentious fiduciary proposal gets underway as SIFMA chief warns brokers will abandon retirement market if rules take effect.