02.26.20
If Democrats Win the Presidency, Expect to See This Retirement Regulation Back on the Table
by: Alessandra Malito
If a Democrat is elected president this November, some form of the fiduciary rule will live on, experts predict. The Democrats have had a strong stance on the fiduciary rule and its mission, said Jamie Hopkins, director of retirement research at Carson Group. “That has been a decade of conversation,” he said. One possible approach: eliminating Reg BI and creating a uniform fiduciary rule between the Department of Labor and the Securities and Exchange Commission (instead of having the two groups manage their own), said Micah Hauptman, a financial services counsel at the Consumer Federation of America. It could cover all investment advice, instead of just on that which affects retirement accounts, and could be for all advisors, whether they’re registered investment advisors or broker-dealers. The political climate may make it difficult to have any lasting legislation, said Jeffrey Levine, lead financial planning “nerd” for Kitces.com, which manages the “Nerd’s Eye View” blog. “It is one thing when you have differences of opinion, and another thing when one side wants to reverse whatever the other side does,” he said.
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