What does 'best interest' mean anyway? Texas Tech seeks more clarity on DOL fiduciary rule for advisers

Investment News - The Labor Department's fiduciary rule may be 1,023 pages long, but it stops short of defining what acting in clients' best interest actually means, according to Texas Tech University.

About a week after the new regulation was released April 6, John Gilliam, an associate professor in the university's department of personal financial planning, said he was forming an initiative to formulate and define "best interest" to help advisers understand the new regulatory parameters that have been set for them.

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