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Senator Introduces Bill to Stop DOL Fiduciary Rule

I have many passionate opinions about the industry but my loud rantings regarding Broker-Dealers’ battle against the Fiduciary Standard are becoming legendary.  The government often gets it wrong, but in this instance maybe they’re onto something. The Department of Labor is attempting to require anyone in the financial services industry that works with a client’s retirement funds to operate under the Fiduciary Standard.  The industry is spending serious money to lobby against that standard.

Per the article:  “As a fiduciary the adviser must provide impartial advice in their client’s best interest and cannot accept any payments creating conflicts of interest.”

This is what the industry is fighting against?  They don’t want to be required to work in their client’s best interests?  Really?  This is crazy.  If you currently work with an advisor associated with a Broker-Dealer, you are likely working with someone whose firm is opposed to legislation that defends your right to receive advice that is legally in your best Interest. Ultimately, that means your fees are paying to fight against your best interests.  Now, that is IRONY.

If the industry is willing to spend all this money to defend against the fiduciary standard, there HAS TO BE A REASON.  What do you think it is?  I think I know….

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