How a Loophole Could Gut the Department of Labor’s Proposed Fiduciary Rule
Permitting fiduciaries to accept payments from vendors will likely make the proposed rule ineffective.
Washington bureaucrats seem to have a way of making everything complicated. Have you perused the tax code lately? According to The Washington Times, it has 4 million words, making it seven times the length of the novel “War and Peace.”
On April 21, the U.S. Department of Labor issued its highly anticipated Conflicts of Interest Proposed Rule. If you thought a rule requiring that all advisors to retirement plans place the interests of their clients above their own was a fairly simple matter, you would be mistaken. An article in InvestmentNews noted the newly minted rule and its exemptions take up more than 300 pages of text.
Read the rest of the article at US News.