Advocates of the fiduciary requirement for retirement investment advisors have delivered a petition with 230,000 signatures to the Department of Labor to urge the regulator to support the proposed 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.
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.