US Financial Advisors Resist Regulators on Pensions RuleNovember 27, 2014 – In The News
Ernest Badway was quoted in the Financial Times article, “US Financial Advisers Resist Regulators on Pensions Rule.” Full text can be found in the November 27, 2014, issue, but a synopsis is below.
US financial advisers and investment providers are fighting consumer protection rules that could possibly disrupt the way more than $6.5tn of retirement products are sold.
However, the change proposed by the DoL, that staff at more than 30,000 financial planning and broking firms should meet a fiduciary standard when advising on individual retirement accounts, is far less drastic.
Ernest Badway explains that while the DoL can introduce a new rule unilaterally, opponents can then be expected to challenge it in the courts and through Congress.
This article was also featured in HCP Live.