03.26.24
How a New Rule Could Change the Way Advisors Handle Your Retirement Money
by: Tara Siegel Bernard
The U.S. Department of Labor's (DOL) latest push for a new fiduciary rule would protect investors’ retirement savings and require financial services providers to change. Kamila Elliott, the founder and chief executive of Collective Wealth Partners, a financial planning firm in Atlanta whose clients include middle-income to high-earning Black households, testified at a congressional hearing in favor of the so-called retirement security rule. Elliott, who is also a certified financial planner, said she had seen the effects of inappropriate advice through her clients, who came to her after working with annuity and insurance brokers. Jason C. Roberts, chief executive of the Pension Resource Institute, a consulting firm for banks, brokerage and advisory firms, said he expected that financial services providers would need to change certain policies to adhere to the new rule, such as making the compensation more level across products, so advisors would not be paid more for making certain recommendations, and curb certain sales incentives and contests.
Read the full article on The New York Times