SEC Adds Fuel to the Best-Interest Fire
The SEC's proposal will accelerate the trend of advisors moving from a sales to a relationship model.
Many of us probably have fiduciary rule whiplash. On March 15, a court struck down the Department of Labor's rules package, known as the fiduciary rule, placing in limbo the new rules as we wait to see if the agency appeals.
Last night, the Securities and Exchange Commission weighed in in a big way, dropping their version of a fiduciary standard late after a vote of 4 to 1. The SEC has the ball now, and it wants to run with it.