“A system where Wall Street firms benefit from backdoor payments and hidden fees if they talk responsible Americans into buying bad retirement investments — with high costs and low returns — instead of recommending quality investments isn't fair.”
[Department of Labor] will move forward with a proposed rulemaking that would require retirement advisers to abide by a 'fiduciary' standard — putting their clients' best interest before their own profits”
I’ve been talking about this topic for going on five years now. Wrote a book about it too.
The fight is about to get real between the industry’s lobbyists and the Obama administration. This has been a long time coming.
The excuse that Wall Street needs excessive fund fees and conflicted behavior in order to service small accounts just isn’t going to cut it anymore. There are tools that exist today that can help people without all the bullsh*t. I know because I built one.