A financial advisor must amid fiduciary rule delays

Advisors


If you’re a financial advisor who is already serving as a fiduciary, you need to be using that to your competitive advantage when working with clients.

“Most clients have no clue that right now the law doesn’t require advisors to put their clients’ best interests first, like a doctor, like a lawyer,” Josh Robbins, chief strategy officer at America’s Best 401k, said in an interview with CNBC.com.

That comes as regulators are still grappling with the implementation of a formal fiduciary rule that would require all advisors to keep clients’ best interests in mind when providing advice.

More from Advisor Insight:
Why investors can’t gauge their own risk tolerance
Crazy tax moves clients wanted advisors to try for 2018
Don’t put all your financial eggs in one investment basket

The Department of Labor has partially implemented its rule, with the remainder currently set to take effect in 2019. The rule would require brokers and other financial professionals to act with their clients’ best interests in mind when giving retirement advice.

In the meantime, the Securities and Exchange Commission is reportedly planning to propose its own fiduciary rule this year, according to reports. The agency was authorized to come up with its own fiduciary regulation in the Dodd-Frank legislation signed into law in 2010.



Source link

Products You May Like

Articles You May Like

European stocks open lower as US-China trade conflict escalates
Why there may be something fishy about your seafood
Ballooning pot companies are now bigger than Chipotle, Macy’s
Farfetch IPO jumps 43 percent in first minutes of trading 
LendingClub founder talks about avoiding past mistakes at Upgrade

Leave a Reply

Your email address will not be published. Required fields are marked *