Unlike the anxiety in certain corners of Wall Street, many RIAs awaited Fiduciary Day like a child anticipates Christmas morning. Yet when the Washington fanfare was over and we began to digest the Department of Labor’s regulations, I had to admit I was somewhat disappointed – like when, as a kid, I ran downstairs at daybreak one Christmas hoping to see a teal blue banana bike under the tree only to find a more sensible black Raleigh bicycle.
Don’t get me wrong: I applaud the Labor Department’s efforts and believe this is a significant step forward for our industry. I am thrilled that all financial advisors will be required to act in a client's best interest when giving retirement investment advice. And, as an RIA who has always embraced the fiduciary model, I believe that all the focus on the fiduciary rule will continue to distinguish firms like mine from the wirehouses in a compelling way.
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