Michael Bloomberg, a Democratic candidate in the upcoming 2020 US presidential election, wants to revive the long-squashed DOL Fiduciary Rule.
According to InvestmentNews, Bloomberg put out a “four-page retirement security policy agenda,” viewable here.
A Wall Street veteran himself, Bloomberg pointed out that commissions can come with unethical consequences. The document reads:
“‘Financial advisers who work on commission sometimes prey on elderly customers, steering them into expensive funds and annuities and away from better alternatives. Estimates say the extra fees add up to billions of dollars a year.”
Although the DOL Fiduciary Rule has been gone since 2018, states like Massachusetts are at the forefront of pushing local efforts to crack down on advice standards. Whether by law or trend, that’s where the industry seems to be heading.
H/t InvestmentNews
