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.
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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.
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.