Assessing the Labor Department’s proposed retirement security rules
It’s hard to argue with the intent of the Labor Department’s proposal, announced on Halloween, to increase the number of financial professionals subject to a fiduciary standard.
Almost everyone to whom I present these two options insists that the former is outrageous; it’s a paradigmatic case of an insurance agent gouging a new retiree. And there is no shortage of examples of this unscrupulous behavior. That said, my 40+ years of auditing investment advisers’ returns has taught me that there are many different roads to riches, some conventional and some unconventional. The threat of legal action can lead advisers to recommend what’s considered conventional wisdom rather than what they think may actually be the better course of action.
I’m reminded of John Maynard Keynes famous line that “it is better for reputation to fail conventionally than to succeed unconventionally.”
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