This is the time of year when experienced journalists often try to put off posting really big stories until the New Year. I thought about doing that with this one, but, hey, who knows what the New Year will bring. This story might be old news by then.
Skip Schweiss, long-time fiduciary advocate, told me several interest facts when I interviewed him recently, (see "Exclusive Interview: Skip Schweiss Calls Disclosure 'Terrible,' Says It Would 'Confuse' Investors," FiduciaryNews.com, Dec. 16, 2014). Among the many unexpected turns taken in the interview (including where he questions the original strategy of fiduciary proponents, albeit from the advantage of 20-20 hindsight), perhaps the most revealing was this tidbit:
He feels the DOL has advanced much further than the SEC in terms of defining a uniform fiduciary standard. He suggests that, while the DOL is tightly focused on its mission to protect investors, the SEC must heed to the wants of a three-headed boss. Besides protecting investors, it must also facilitate capital formation and ensure fair and efficient markets.
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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
