Partner Gregory Sichenzia Appears on CNBC to Discuss Impact of New Fiduciary Rule on Broker-Dealers
Press Release – New York, NY– April 7, 2016 – Founding partner Gregory Sichenzia appeared on CNBC’s Closing Bell on April 6 where he debated the benefits and drawbacks of the new fiduciary rule announced that day by the Department of Labor. Greg noted that this new standard is likely to lead to substantial regulatory costs for small broker dealers and may not result in better products or targeted advice. A core part of the rule says that if advisers offering retirement advice want to continue receiving commissions and other types of compensation for selling specific products, they and their clients need to sign a “best interest contract” in which the adviser pledges to put the client’s interests first. That is stricter than the current standard, which only provides they need to offer “suitable” recommendations.
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