RIAs could be ultimate winners if DOL fiduciary rule is repealed or delayed
Differentiating themselves from brokers would be easier now that debate has raised investor awareness of the role of a fiduciary
January 11, 2017@ 12:42 pm| Jeff Benjamin | InvestmentNews.com
As potential delays and road blocks pile up in front the Department of Labor’s fiduciary rule, an irony is emerging in that the strongest supporters of the rule could benefit the most from the rule’s demise.
Independent registered investment advisers, which have largely supported from the start the idea of requiring fiduciary responsibility when managing retirement account assets, could be set up for a big win if the rule fades away or falls way behind the April enactment schedule.
“If the rule gets delayed or repealed, I think RIAs will come out ahead because so much spotlight has been put on the topic of fiduciary responsibility, and advisers have been putting their clients’ interests first since 1940,” said Skip Schweiss, managing director, advisor advocacy and industry affairs at TD Ameritrade Institutional.
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