The Fiduciary Standard: Progress, Even If Imperfect

If you caught my post last week, you already know I have strong opinions about the Department of Labor’s new fiduciary rule. This week, I’m offering a more optimistic take—courtesy of Josh Brown (@reformedbroker), writing for Fortune. While Brown’s tone is slightly cynical, he captures the underlying truth: “The market has already been moving in this direction for the better part of the last decade.”

He points out that consumer preference, advisor choice, and the power of the internet have already been driving reforms like:

• A shift from commission-based advice to fee-based models

• A mass migration from expensive, actively managed funds to low-cost index products

• The rise of independent advisors and the decline of traditional brokerage channels

The fiduciary rule may not be flawless, but it accelerates these positive trends. At its core, it acknowledges a longstanding issue: our industry has sold people complex products with opaque fees for too long. Market forces will continue to push for greater transparency and lower costs—and this new regulation may help push things along faster.

Yahoo: A Silicon Valley Fixer-Upper

Yahoo announced plans to sell its core business earlier this year under pressure from shareholders—a move that initially lifted its stock price. But as the process unfolds, optimism has waned. CEO Marissa Mayer has been in charge for more than three years, and while there were high hopes at first, those expectations now seem to be dimming.

Recent reporting from Re/code suggests that Yahoo’s sale process has become messy and confusing. Prospective buyers received a “book” of information that insiders describe as “unusually confusing, and perhaps purposefully so.” Conversations with potential bidders paint a picture of a company that is moving assets around to the point that it’s unclear what’s profitable and what isn’t.

A Re/code source summed it up well: “It’s like a dilapidated house in Silicon Valley—you walk in and are overwhelmed by how much work needs to be done. But then again, it’s in a great neighborhood, the market is crazy, and there’s not many like it. So, you hope you can fix it.” That metaphor speaks volumes.

Trump and the (Literal) Flammability of Fashion

In an unexpected twist, the Consumer Product Safety Commission announced a recall of 20,000 scarves made by Ivanka Trump’s fashion line. Why? They failed to meet federal flammability standards—posing a potential burn risk. Cue the jokes about a “hot new trend.”

Beyond the punchlines, this incident reignited debate about business practices within the Trump family. The scarves are manufactured in China—a fact that contrasts sharply with Donald Trump’s vocal criticism of outsourcing during his presidential campaign. Critics were quick to point out that many of Trump’s own products, including ties, shirts, eyeglasses, and jackets, are also made in China.

While hypocrisy may be the headline, let’s be fair: Trump-branded eyeglasses have never been recalled for posing a fire hazard. (Though I did hear a rumor they can be used to burn ants—but that likely says more about the buyer than the glasses.)

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