Long, long ago, possibly in a Ford Galaxy far, far away, there was a universal fiduciary standard. It covered all registered investment advisors (it still does, but RIAs aren't what they used to be). It covered all retirement plan service providers (granted, for only one year). But then, strange new things happened. Regulators went where no regulator had gone before…
Facts like these go whizzing by like the surreal opening of "Twilight Zone" when you have a chance to talk all things fiduciary with famed lawyer Tamar Frankel (see "Exclusive Interview with Tamar Frankel: DOL Should Return to ERISA's Original Definition of Fiduciary," FiduciaryNews.com, July 23, 2013). She is such a repository of history, knowledge and philosophy that we simply must recognize her as the icon she is. While she knowingly suggests regulators turn back the hands of time, her theme almost denies that possibility.
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