SEC Had to Fudge the Definition of ‘Best Interest’

June 7, 2018 by Kerry Pechter

My sympathies go out to the writers at the SEC.

The Securities & Exchange Commission did not define “best interest” in its Regulatory Best Interest proposal. Why? A true definition isn’t an option for it or the financial industry… or even for most clients.

A client’s interest is best served when he/she pays a self-employed expert–be it an advisor, doctor or plumber–whose own interest is to win the client’s trust and act as his/her loyal guide. Best interest is no more ambiguous than the Hippocratic Oath or the Golden Rule.

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Originally Posted at Retirement Income Journal on June 7, 2018 by Kerry Pechter.