DOL fiduciary rule will force brokers out, ex-SEC IM Director says
March 2, 2016 by Melanie Waddell
Norm Champ, the former director of the Securities and Exchange Commission’s Division of Investment Management, said Thursday that there were “significant issues” with the Department of Labor’s forthcoming rule to change the definition of fiduciary on retirement advice.
“I’m afraid by imposing that DOL ERISA fiduciary duty [on brokers] that you will have people exit that business,” Champ said. “Brokers will say that ‘I can’t deal with this.’” The rule will “drive advice out of that space,” he said.
Originally Posted at LifeHealthPro on March 1, 2016 by Melanie Waddell.
Categories: Industry Articles
