The above-the-fold headlines touting, “Consumers are making better choices,” have yet to be published.
The DOL push created substantial challenges in communicating the new rules.
Worse still, the regulatory shift from the ERISA rules born in 1974 now extend a fiduciary duty to advisors relative to IRAs that can lead to unbridled confusion and abuse.
Consider the two hats worn by a financial advisor. An advisor does not have a fiduciary duty when he or she communicates with or engages a client relative to assets outside of retirement plans and IRAs. Envision a conversation between an advisor and a couple planning for retirement. The conversation shifts from a discussion about the couple’s holdings in an IRA to their individual investment in a mutual fund account.
Read the full story here: https://www.wealthmanagement.com/high-net-worth/tinted-windows-seeking-transparency-and-efficiency-wealth-industry
