“I wish more of my colleagues and more elected officials, quite frankly, have signed not just the back of a paycheck, but maybe the front of one,” Rep. Ann Wagner said.
Luis Aguilar, former commissioner at the Securities and Exchange Commission, expects the agency to move on a fiduciary standard, especially if the DOL rule stays in place.
The department said it would not bring claims against advisors or firms who fail to comply with the private-right-of-action portion of the best-interest contract exemption of the fiduciary rule.
The process of altering the rule in some capacity is now under way.
In a letter to an insurance company suing the department, it said the clause “will likely be mooted in the near future.”
The new Voya Select Advantage Advisory IRA is a mutual fund custodial account, and clients can get access through a financial advisor—affiliated with Voya or not.
The filing doesn’t provide details about the delay, but it does say that the full proposal is expected to be published Thursday morning.
An advisor who tries to act in a client’s best interest, but doesn’t have the skill or diligence to do so, can cause just as much harm as a conflicted advisor.
The above-the-fold headlines touting, “Consumers are making better choices,” have yet to be published.