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The DOL's final rule contains a litany of 11th hour concessions to brokers that show Wall Street lobbyists earned their keep

12(b)1 fees, variable annuities and proprietary products are all still allowed and so is partiality in the sales process

Wednesday, April 6, 2016 – 10:00 AM by Lisa Shidler
Admin:
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Thomas Perez: We don't believe it's necessary for an employee of MetLife to have an obligation to advise a client about the products that New York Life is selling.

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Mentioned in this article:

Pension Resource Institute, LLC
Compliance Expert
Top Executive: Jason C. Roberts

Retirement Law Group, PC

Top Executive: Jason C. Roberts




ken fisher

ken fisher

April 6, 2016 — 5:52 PM

the soup gets stirred but its flavor changes only slightly.

Teresa Vollenweider

Teresa Vollenweider

April 6, 2016 — 6:27 PM

I definitely think that all clients should wear bodycams during all face-to-face meetings with their so-called financial adviso(e)r(s) and should record all phone calls. I’m convinced that this will be the only way to expose what is happening to folks—most of us muppets—behind those closed doors and on those phone calls. We are being manipulated and exploited during the so-called “investment education.” Therefore, with the changes to the rule we—all of us—will still be in danger of being raped while on ether. Ether = arm’s length relationship disguised as a relationship of loyalty, care, confidence and trust.

Jamie McLaughlin

Jamie McLaughlin

April 6, 2016 — 9:10 PM

As a reformed politician (I served in the CT General Assembly for 10 years), I am saddened.

Is there any wonder that the public-at-large has contempt for our policymakers?

If not, this is an object lesson as a principled, straightforward, consumer-orientated policy advanced by the executive branch last summer was so diluted by various interested parties as to be almost unrecognizable to what was originally and so boldly proposed.

The public has not been well-served and will remain confused.
.

Jim Hallett

Jim Hallett

April 7, 2016 — 12:16 AM

I agree fully with Jamie and Teresa. The deck chairs were rearranged when what was originally proposed was a new ship.

bill3763

bill3763

April 9, 2016 — 5:14 PM

Are financial advisers now required to state “I get a commission from the sale of this product that I have just recommended to you”? If not, it’s just another case of a corporate voice (a lobbyist) being more $persuasive$ than the voices of the citizenry.

Peter Mafteiu

Peter Mafteiu

September 15, 2020 — 2:46 AM
I agree so much with Teresa. How about Kicking the Lobbyists out the freaking door? They own congress and the regulators. This is again smoke and mirrors, looks good but nothing changed! Why waste the time and effort? How about ONCE and just ONCE, the regulators (FINRA - useless, the SEC - embarrassing) do something to PROTECT INVESTORS!? Regulation BS is a joke as is the "dually named form" CRS / ADV P 3. Get it together and please, for the love of GOD, remove the burden from the consumer. Protect them! That is supposedly your job. Otherwise just examples of more corruption in DC. Sick and embarrassing this financial services world. Oh, interesting too that there "is no such thing as a financial advisor". Does anyone think any consumer can figure this or anything out? Nope, firms laugh on the way to the bank.

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