Page 23 - Investment Advisor - December 2023
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REGULATION & COMPLIANCE
dol Posts new Fiduciary rule Proposal advisors and brokers steer their cli-
ents toward certain investments, not
The Labor Department taking additional action because they’re in the best interest of
recently released its new to eliminate junk fees in the client, but because it means the best
fiduciary rule proposal, the retirement savings,” the payout for the broker. I get it. I under-
Retirement Security Rule: president added. stand it. But I want you to understand
Definition of an Investment The administration’s cen- [that] we’re watching.”
Advice Fiduciary. President tral concern, Biden said, is Biden administration officials also say
Joe Biden said just after its that while “most financial that the latest fiduciary plan aims to
Oct. 31 publication that his administra- advisors give their clients good advice close loopholes and require financial
tion “is taking on what we call junk at a fair price and are honest with them, advisors to provide retirement advice in
fees” in the proposal. Today, “we’re … that’s not always the case. Some the best interest of investors.
December 2023 Investment AdvIsor 21
