Proposed fiduciary rule would put consumer interests first

Star-Telegram - A new rule to make all financial advisers adhere to your best interests when providing help with retirement accounts received a green light from a North Texas district judge last week.

Currently, brokers must adhere to the "suitability" standard, which requires that they make recommendations that are suitable to a client's personal situation, but does not require the advice be in the client's best interest.

The distinction is important, said Harold Evensky, who co-wrote the fiduciary rule as a member of the Committee for the Fiduciary Standard.

Evensky, who is known as the "Dean of Financial Planning," is a graduate adjunct professor of wealth management at Texas Tech University and chairman of Evensky & Katz/Foldes Financial, a Coral Gables, Fla., firm with $1.5 billion in assets under management.

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