Summary: The Department of Labor’s announcement of its long-awaited, long-debated fiduciary rule for retirement plan advice will be remembered as a milestone in the history of the industry. To put it simply, professional financial planners and advisors have achieved a victory, and the Wall Street and independent broker-dealer service models have been dealt a blow.
 One big win for advisors was the elimination of a proposed requirement that would have required prospects who were in the office discussing a rollover sign a fiduciary contract at the first meeting. As it turns out, a contract can be included in the package of other documents when a prospect becomes a client."Bob Veres, Publisher, Inside Information. |
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