Financial industry struggles to provide fiduciary data to feds

01/24/2012 | AdvisorOne

The U.S. Labor Department wants industry groups to provide information on how its proposed fiduciary responsibility rule would affect IRAs and ERISA plans, but "there are inherent difficulties in providing a comprehensive view of a person's financial decisions in the way [the department] would like to have," NAIFA's Lillian Vogl says. The department wants information about the demographics of financial-account holders, how their advisers were paid and whether the clients received advice. No "systematic way" exists for gathering such data from customers' accounts held with various providers, Vogl said.

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