Is the fiduciary rule causing investors to be moved to fee-based accounts against their best interest? (Photo: Shutterstock)

In an ironic twist in the strung-out saga behind the Labor Department’s fiduciary rule, a leading consumer group is calling on regulators to investigate the migration of retirement savers to fee-based advisory accounts.

The Consumer Federation of America, a prominent proponent of the fiduciary rule, has sent a letter to the Secretary of Labor, the Commissioner of the Securities and Exchange Commission, and the President of FINRA, alleging that some brokerage firms may be using the rule to shift customers to fee-based accounts even when it is not in investors’ best interests.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and events.
  • Access to other award-winning ALM websites including and

Already have an account?

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.

More from this author



Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join now!

  • Unlimited access to - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including and
  • Exclusive discounts on and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.