Unlike ebony and ivory, the competing laws governing each the SEC and the DOL cannot live in perfect harmony – at least as far as the fiduciary standard is concerned. So say many experienced financial industry pundits and, especially, fi360.
The organization best known for advocating all things fiduciary recently sent a letter to 127 political insiders pointing out the practical problems of trying to fit the DOL's square Fiduciary Rule into the round hole of the SEC's Fiduciary Standard (see "Why the Fiduciary Standard Can't Live in Harmony").
The letter went to a group of Democrat legislators asking the DOL to stop moving forward on its own regarding its new Fiduciary Rule and, instead, "harmonize" their efforts with those of the SEC regarding the latter agency's effort to define a fiduciary standard.
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