Broker-dealers have spoken candidly about the
industry-changing fiduciary rule. A majority think there is
still time to roll it back and the SEC is the frontrunner to
The US Department of Labor's (DoL) fiduciary standard
rule has been befuddling the financial services industry for
the past seven years. In its simplest form, it increases
accountability for the brokers, planners and insurance agents
that handle US retirement accounts. It introduces measures to
ensure they act in the best interest of their clients rather
than for their own financial gain.
And exactly what steps can be taken to best respond to the
rule are also polarising, even though much of the market agrees
with its basic principles. It is not solely the rule itself
that is under fire, but the way that it has been implemented,
and to an extent even the implementing agent itself.
In the words of the...