The Labor Department, after years of battling Wall Street and the insurance industry, will require financial advisers and brokers to act in the best interests of their clients.
Sourced through Scoop.it from: www.nytimes.com
For years, financial advisors could legally advise their clients to invest in more expensive funds that generated higher commissions, even though otherwise identical, less expensive funds were available as alternatives. “Customers first” used to be just an advertising slogan. Now it’s the law. Regulation, not the free market, made this happen.