Fiduciary Rule Reviewed

Thursday, Representative Bill Huizenga (R-MI) led a hearing to examine the impact of the Department of Labor’s fiduciary rule on the capital markets. The fiduciary requires anyone who handles retirement assets and gives advice must adhere to a new “impartial conduct standards.” requiring more transparency in regards to fees and honesty about services. According to research by the American Action Forum, The rule has the potential to increase consumer costs by $46 billion, or approximately $800 annually per account, in addition to the $1500 in duplicative fees for retirement savers that have already paid a fee on their commission-based account. 

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