Advisors can keep their "conflicted" commissions, but it's time to stop harming clients by depleting their retirement savings, the chairman of the Labor Department's hearings on its proposed fiduciary rule tells Financial Planning.
The agency wants a fundamental shift in Wall Street culture and sees a "best interest contract" as a way to reduce investor harm, says Timothy Hauser, a Labor deputy assistant secretary, in an exclusive interview. This shift would permit advisors to continue receiving "conflicted" streams of income like commissions.
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