Of course the GOP does not want a rule that will try to prevent their constituents from being financially raped.
The Labor Department said the rule will require “trusted investment advice providers to give prudent, loyal, honest advice free from overcharges.”
Under the new rule, these fiduciaries need to avoid giving recommendations “that favor the investment advice providers’ interests — financial or otherwise — at the retirement savers’ expense,” according to the department.
Yup. Nobody needs advice from advisors negatively impacted by this ruling. It’s a common sense regulation, telling people the best financial move is buying their junk financial implements is unethical and now illegal.
This CRA would make it so a pay day lender could tell their marks the best financial move is taking out their terrible loans.
Are pay day loan sharks really fiduciaries though?
Right, I expect you could just ignore this rule if you’re not posing as an advisor. A salesman can continue lying and misrepresenting
…… and I really hope they gate it upon the title “advisor”. No one knows what a fiduciary is. It’s simple: calling yourself an advisor requires a fiduciary responsibility
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What a dumb fucking battle to pick.
And yet they get voted in again and again and again
Just change the sign on their desk. Cross out “investment advisor” and pencil in “investment sales”. Now they’re more honest/transparent and can continue their slimey, scammy ways
