LAS VEGAS-- Between the SEC's broad and unspecific recommendations to safeguard shareholders from unscrupulous advisors and the Department of Labor's recent attempts to redefine the conditions under which a financial advisor becomes a fiduciary, the financial advisors and broker-dealers providing the guidance and products investors need for retirement are huddling up to decide which regulations and rule changes they should support in the face of looming legislation.
During an opening general session presentation here at the American Society for Pension Professionals and Actuaries' 401k Summit, ASPPA CEO Brian Graff and Greg Dean, chief counsel for the Senate Committee on Health, Education, Labor, and Pensions (HELP), told attendees that the converging and often divergent regulatory proposals hovering over the financial services industry will remain works in progress as advocates on all sides continue to weigh in with their perspectives while lawmakers and regulators wait for both resources and guidance before making any sweeping changes.
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