Industry Hails DoL Fiduciary Delay; Supporters Seek Message 'Reboot'

Critics of an effort at the Department of Labor to extend fiduciary responsibilities to retirement plan advisors scored a victory this week when the agency disclosed that it is pushing back the rollout of its proposal until at least next year.

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Comments (2)
Sad... Big $$$ and special interests rule the day again.
Posted by William R | Thursday, May 29 2014 at 1:45PM ET
It is very revealing that the SIFMA's Bentsen thinks brokers acting in the consumer's best interest is dangerous. Of course it is only dangerous if the industry, represented by the SIFMA, is not prepared to act in the consumer's best interest with the necessary prudent processes, technology, work flow and conflict management to make advice safe for brokers to be accountable for their recommendations establishing the broker's ongoing responsibilities as required by statute for professional standing.

One might ask Mr. Bentsen why, under the auspices of the SIFMA and FINRA, are "retail investors" in the most need of assistance, are not accorded the same higher consumer protections accorded to all other investors? Could it be Mr. Bentsen is focused on the industry's best interest and not the consumer's.

In this era of transparency the industry's insularity to the best interest of the investing public is no longer opaque as it once was. It is pretty easy to see through Bentsen's "sky is falling" alarm as even the consumer knows and can understand the industry objection is it simply does not want the broker to be accountable or responsible for broker recommendations as required by law of all who render advice.

Perhaps Mr. Bentsen might find it is in the enlightened best interest of the industry to actually in fact act in the consumers best interest rather opposing the professional standing of the broker every step along the way.

Stephen Winks
Posted by Stephen W | Thursday, May 29 2014 at 3:03PM ET
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