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May 11, 2017

Fiduciary Rule “Already Causing Great Harm”

In April of 2016 the Department of Labor (DOL) released a “controversial” rule that mandates financial professionals who service individual retirement accounts disclose any potential conflict of interest.

The future of the rule remains unclear, as opponents argue it is “already causing great harm,” reports Forbes/Legal Newsline.

Investment Company Institute President, Paul Schott Stevens, reported that hundreds of thousands of small retirement accounts have been “orphaned” since the DOL finalized the rule last year.

Stevens said the rule has “implications for the hundreds of thousands of small savers and investors” and that the DOL has “brushed that concern aside.”

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