Author: Ann Marsh
Source: Financial Planning
May 24, 2016
Over the years the Department of Labor spent developing and then reworking the fiduciary rule, Assistant Secretary Phyllis Borzi and her colleagues regularly received support from a surprising quarter – people who work for some of the companies that most vehemently fought it.
“Wherever I would go, people would come up to me, wearing name tags of companies that were wildly opposed to what we were doing, and they would say, ‘You go, girl,’ ” Borzi told an audience at an Institute for the Fiduciary Standard event this week. “And that kept us going.”
Borzi spoke along with other prominent fiduciary advocates, including John Bogle, founder of the Vanguard Group, at a half-day conference that launched the Campaign for Investors, an initiative of the institute.
“I know for a fact that some of the biggest names in the financial world, who have been fighting us tooth and nail, have already been building systems for almost two years … to comply,” says Assistant Secretary Phyllis Borzi.