The Phony Fiduciary ‘Debate’
The battle over the legal standard to which advisors should be held when giving investment advice has two fronts: Advice given by advisors to retirement plans and advice given by advisors to everyone else, including individual investors.
The position of the Department of Labor and the SEC
The U.S. Department of Labor (DOL) has already weighed in on the first front. It has proposed a rule requiring all advisors to retirement plans to be held to a fiduciary standard.
The Securities and Exchange Commission (SEC) has jurisdiction over the second front. It is studying the issue and has yet to set forth its position.
Read the rest of the article at The Huffington Post.