Federal regulators are cracking down on advisers who profit from providing venal advice to retirement savers with new rules that demand that the industry adhere to a so-called fiduciary standard. Officials estimate that imposing this standard, which requires advisers to act in the client's best interest, will ultimately save American consumers $17 billion annually lost to conflicts of interest -- in other words, where the adviser pockets the profit instead of you.
While consumer advocates lauded the soon-to-be-enacted rules on Wednesday, some acknowledged that the battle may not be over. Financial services companies, complaining that the rules are overly burdensome, have threatened to sue. In the past, they've also persuaded members of Congress to throw language into pending legislation to derail the rules.
Damian J. Sylvia
Retirement Income Solutions
220 Monmouth Road
Oakhurst, NJ 07755
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