Buy This Annuity So I Can Take a Cruise
The current controversy over the proposal by the U.S. Department of Labor to impose a fiduciary standard on those who advise retirement plans has little to do with the rule’s merit. Rather, I believe it’s at issue because stockbrokers are the beneficiaries of a cozy system that permits them to have conflicts of interest which are not disclosed to their clients. They can (and often do) resolve those conflicts in a way that benefits their bottom line, as long as their recommendation meets the murky definition of being “suitable.”
Conflicted advice harms investors
Read the rest of the article at The Huffington Post.