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

the soup gets stirred but its flavor changes only slightly.

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.

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

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.