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Industry Groups Propose Alternative to Fiduciary Standard
Industry trade groups are proposing legislation that would require retirement planning advisors to serve in the best interest of clients rather than comply with the Department of Labor’s proposed fiduciary standard, says Steve Saxon, chairman of Groom Law Group. So reports ThinkAdvisor.
Barbara Roper, director of investor protection at the Consumer Federation of America, maintains that the proposed legislation is unlikely to prohibit practices that encourage advisors to make decisions that are not in the best interest of investors.
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