News | 12.06.18
Wells Fargo Exec Backs Advisor Rules
Wells Fargo Advisors president David Kowach this week voiced his support for a common standard for investment advisors and brokers. "Fiduciary is not our enemy," Kowach said in an appearance at the MarketCounsel Summit, in Las Vegas. "It's our ally. I don't know where the industry regulators wind up, but I do believe we have a responsibility to act in our clients’ best interests period," he said. Proponents of the rule note Kowach was not a public supporter of the Department of Labor's efforts to institute it. Kowach did back the SEC's proposal for reforming investment advice in an August comment letter to the regulator. The SEC has not announced a precise release date for when its advice reform proposal package will be finalized, though September appears to be the target.
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