Now that the Department of Labor’s fiduciary rule has been issued, the Center for Financial Responsibility at Texas Tech University is seeking to define the term “best interest.”
To that end, it has launched the “Best Interest Initiative,” which is focused on answering a question faced by financial advisors as they work to understand just what acting in the best interest of their clients truly means.
Although they may not be sure what a fiduciary is, consumers have shown themselves to be very much in favor of a legal requirement for advisors to act in the client’s best interest; the financial industry, not so much—at least not as it’s presented in the DOL’s new rule. Some groups within the industry support the standard more than others.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.