In July 26 article, Jill Gregorie lists 55 meetings at the SEC of groups ranging from the U.S. Chamber of Commerce and SIFMA to AARP, CFA Institute, CFA and the Institute for the Fiduciary Standard.
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.”
DOL fiduciary champion Phyllis Borzi said her agency will help work through specifics that aren’t covered in the new rule requiring retirement advice to be delivered in a client’s best interest. But firms with questions about particular sales practices that aren’t mentioned in the principles-based regulation should probably err on the side of caution, she said.
Vanguard founder John Bogle has come out in support of the new fiduciary-duty requirement governing retirement plans, calling the U.S. Department of Labor regulations the “first step” in a movement he has been advocating for decades.
The Institute for the Fiduciary Standard has advocated for a fiduciary standard since Knut Rostad helped found the organization in 2011, but it isn’t about to rest on its laurels now that the Department of Labor has introduced a fiduciary rule.
‘A federal standard of fiduciary duty … must be applied to every person and every entity that even touches other people’s money,’ Bogle says at investor event