Many individuals who have testified before the Department of Labor during its fiduciary hearings last week took issue with the Best Interest Contract exemption, which would allow retirement plan brokers and advisors to continue to set their own compensation practices as long as they commit to putting their clients best interests first and reveal any conflicts that may prevent them from doing that.
Marcy Supovitz, principal at Boulay Donnelly & Supovitz Consulting Group Inc. in Worcester, Mass., and president-elect of the American Retirement Association, worries that the best interest contract exemption would put impediments in the way of advisors who want to work with small businesses.
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