News, Vision & Voice for the Advisory Community


IRA assets could be ripped from the grasp of brokers if DOL has its way

With brokers disqualified, fee-only advisors may have 'phenomenal' opportunity to dominate $4.1 trillion IRA market

Author Sara Hansard
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Lou Harvey: The bigger impact is on IRAs, not 401ks. There are a heck of a lot more IRAs out there and advisers involved in IRAs.

David Lucca

David Lucca

March 4, 2010 — 4:07 PM

“In order to advise clients on their IRA assets, brokers would have to register as investment advisors and act as fiduciaries.”

Rightly so. If an advisor is not going to accept fiduciary duty, perhaps they shouldn’t be in the business anyway. After serving clients as a fiduciary for more than 20 years, I think I’ve seen it all. While not every RIA always acts in the client’s best interest, unfortunately, at least the client has legal recourse.


Joe Gordon

Joe Gordon

March 6, 2010 — 5:58 PM

I am troubled by the power grab of the regulators because more regulations means more lawyer fees, more costs to comply, more ways to get into regulatory trouble, meanwhile, another Madoff will be scamming the world while the keystone cops at the SEC or DOL or FINRA stand by creating more rules for small business people. All of this is a conspiracy to harness more power in DC over our lives. Enough!

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