He believes the Department of Labor proposal to impose the standard has inadequate guidance for helping advisors navigate conflicts of interest and for using appropriate compensation models.
Estimated reading time: 0 minutes, 23 seconds
FINRA Chief: Fiduciary Standard May Hurt Lower-Income Investors
Adopting a fiduciary standard for retirement advisors could cause investment professionals to fear legal liability and abandon the market, which could result in a loss of services to low- and middle-income investors, says FINRA Chairman and CEO Richard Ketchum. So reports Financial Planning.
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