December 7, 2015
It’s Past Time to Hold Financial Advisers Accountable
Bloomberg op-ed, former SEC Chairman Arthur Levitt Jr.
The Labor Department is attempting to update the fiduciary standard, raising the bar for any advice given by brokers working with retirement investors. If instituted, financial advisers will have to place a client’s interests above their own or those of their firm. That doesn’t seem like too hard a standard to meet, but not all advisers deliver on it. And to this point, nothing in the law has made them do so.
A change is long overdue. The current proposal has already been studied at length, while the public and affected industries have had their chance to examine the rule, comment on it and suggest changes. Labor Department researchers estimate that the regulation would save more than $40 billion over 10 years in retirement savings.
Read full Bloomberg op-ed by Arthur Levitt Jr. here.
Category: Media Coverage