Compliance

Retirement Industry Weighs In On Trump's Fiduciary Rule Delay

By Lee Barney editors@assetinternational.com | March 14, 2017
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From their perspective, RIA advice providers Financial Engines and Betterment both implore the DOL to proceed with the new fiduciary rule and to dispense with the 60-day delay. Financial Engines says it is living proof that advice can be profitably given to investors, even those with small accounts, by combining automated, online advice technology with certified live advisers.

Financial Engines says there are 92 million people in the U.S. who are managing their own retirement assets—and “there has never been greater demand for high-quality investment advice.”

In its comment letter, Betterment says that the financial industry has long put its own interests ahead of the investors it serves—costing individuals billions of dollars in fees and lost performance. Betterment says the DOL should not delay the new rule’s scheduled implementation on April 10, “as DOL has significantly adjusted its initial proposal to accommodate the industry’s concerns, and the industry has had nearly a year to prepare for the rule’s implementation.”