With the Department of Labor and Securities and Exchange Commission creeping ever-closer to unveiling their proposed changes to the fiduciary standard, there's little doubt that regulators are about to unleash big changes on stock brokers and insurance agents.
The very meaning of "investment advice" for retail investors may be fundamentally altered in what promises to be a watershed moment.
While the details remain unknown, all signs point toward rules mandating greater transparency and responsibility on the part of securities brokers who work with IRAs and 401(k) plans. They'd be held to the same standard as investment advisors.
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