June 17, 2017
I'm an individual investor. I think the proposed Fiduciary Rule is wonderful Why hasn't the SEC created a Fiduciary rule in the past? Has the DOL done it now because the SEC hasn't or won't? Only one government agency should be involved, though.
The same rules should apply to the entire financial services industry, including the individual employees. It really is that simple. The financial services industry is based on generating revenue for itself. Sometimes the client benefits, at least in the short run.
If I wanted the advice of a financial adviser, I would seek a person who is a CFA, has never worked as a salesman, and is fee-only. This eliminates the great majority of financial advisers, sadly. Good thing I don't need any advice.