“An investment in knowledge pays the best interest.”
– Benjamin Franklin
As was expected, the Department of Labor (DOL), under orders from the White House, did not file with the Fifth Circuit Court of Appeals to continue the DOL’s “Fiduciary Rule,” which required financial services representatives that sell investment products to be responsible for the products they sell. Micah Hauptman, financial services counsel at the Consumer Federation of America put it this way:
“[The plaintiffs] have said to the court, ‘They’re mere salespeople, selling products, no different than a car dealer solicits interest in their inventory. They liken themselves to salespeople, but everything they do about their business suggests that they’re providing investment advice. They call themselves financial advisors, wealth managers. They say that they provide investment advice and retirement planning and they try to create these positions of trust and confidence. So to go into court and say the complete opposite is misleading and deceptive.”
Not sure if your qualified retirement account advisor has your company and your employees’ best interest? BenefitCorp’s retirement consultants can take a look at fees and performance of your retirement products. Every client has an advisor with fiduciary duty, regardless of the DOL’s decision.