The years of regulatory tussle and tens of millions spent in lobbying dollars have produced a consistent claim from opponents of the Department of Labor’s proposed fiduciary rule: Low income Americans and small-value retirement account holders will be priced out of the financial advisory market.
Christopher Jones calls that argument a red herring.
The chief investment officer of Financial Engines, which advises on more than $110 billion in 401(k) managed account assets and has relationships with 670 plan sponsors, says the Sunnyvale, California-based firm proves as much.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
