Tara Siegel Bernard of the New York Times reports:
The Labor Department, after years of battling Wall Street and the insurance industry, issued new regulations on Wednesday that will require financial advisers and brokers handling individual retirement and 401(k) accounts to act in the best interests of their clients.
“The marketing material that I see from many firms is, ‘We put our customers first,’” Thomas E. Perez, the secretary of labor, said in an interview. “This is no longer a marketing slogan. It’s the law.”
As we wrote in April 2015, we are strongly in favor of the Department of Labor’s effort to expand the fiduciary standard to all financial advisors.
Clients should have no doubt that their advisor is placing their best interests ahead of his or her own.
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