MONDAY, MARCH 21, 2016 | Illinois Review
The Department of Labor wants to impose new rules to ensure financial fiduciaries act in the best interests of their clients. But the department’s so-called “fiduciary rule” defines “fiduciary” so broadly that virtually anybody in the financial services industry—including broadcast financial commentators—could be deemed liable for advice they give, writes John Berlau. Further, he says, the rule’s definition of “best interest” is so vague that it would lead to restricted investment options for American savers.
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