Here are the eight counts that form the basis of the complaint asking the U.S. District Court for the Northern District of Texas to overturn the DOL fiduciary rule.
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Making more rules will not help if consumers don’t pay attention. No matter how hard I try, I have never had one person read a complete prospectus. Every test I have taken, from the original ones through the present, including ethics, always stress the best interest of the client. The problem, as I see it, is those who are supposed to be regulating don’t seem to be able to catch the bad guys. Making new rules only adds to the number of rules but not the integrity of the representative and if you couldn’t catch the bad guys before, then why would anyone think this will change the playing field? We need better enforcement not more rules.
I do not like changing fees, it makes me uncomfortable. To me fees are just another twist on commissions, just calculated in a different way. Investors need to be more involved in “their” plan regardless of how representatives get paid. The plan should always be a teamwork approach, where everyone is on the same page of planning, otherwise the game will never be won!