FSI: Rule could leave millions without financial advice

07/29/2013 | Plain Dealer (Cleveland), The

A variety of organizations have lined up against an expected Labor Department fiduciary rule requiring that retirement advice to retail investors be motivated by the client's best interest. Critics have expressed concerns about unintended consequences and say that by making the payment of commissions suspect, the rule will hinder many people's access to financial advice. "Millions of Americans will not have an advisor anymore," said Chris Paulitz, a senior vice president at the Financial Services Institute.

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Plain Dealer (Cleveland), The

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