Advisers question Chamber report about harm from DOL rule

May 31, 2017 by Mark Schoeff Jr.

Some financial advisers are questioning the accuracy of a U.S. Chamber of Commerce report that asserts that the Labor Department fiduciary rule will harm small investors and businesses.

On Tuesday, the Chamber released a report that compiles statistics from surveys and other data submitted during a recent comment period on the rule. The Chamber highlighted findings that show that 7 million individual retirement account holders could be jettisoned by their advisers because their accounts are too small and that service fees could rise by 200%.

Those outcomes don’t ring true to Aaron Pottichen, president of CLS Partners Retirement Services.

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Originally Posted at InvestmentNews on May 31, 2017 by Mark Schoeff Jr..