Can the Department of Labor Clean up Financial Planning?

Nerdwallet.com-In response, the DOL has sought to expand ERISA’s fiduciary standards to include brokers. Their proposal, which was expected next month, will probably be delayed further. Texas Tech University Professor Martin Finke believes that the DOL’s proposals would incentivize consumers to shop around.

Planning for retirement is complicated. When planning for retirement, people are oftentimes confused about the difference between brokers and independent investment advisers. But with changes to the Employee Retirement Income Security Act (ERISA) move at a snails pace, it might be a while before consumers are able to easily find advisers who have their interests in mind.

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In response, the DOL has sought to expand ERISA’s fiduciary standards to include brokers. Their proposal, which was expected next month, will probably be delayed further. Texas Tech University Professor Martin Finke believes that the DOL’s proposals would incentivize consumers to shop around.

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