The Labor Department's hearings on its proposed fiduciary rule came to a close last week, continuing months of sparring between supporters and opponents.
The proposed rule would affect advisors and plan sponsors providing certain kinds of retirement advice to investors. Supporters charge that brokers and their firms have been subject to the weaker suitability standard, creating opportunities to profit off of unknowing clients. Opponents say the Labor Department's proposal is unworkable, would create confusion and force many firms to stop servicing smaller clients because of the cost.
Industry leaders and investor advocates have had their say at the hearings and other press conferences, and advisors haven't been shy about sharing their opinions either.
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