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BlackRock, Vanguard, Fidelity Push Back On DOL Fiduciary

TedTed
in Fund Discussions
FYI: The world's largest money manager said the government's effort to protect retirement savers from excessive fees and unscrupulous brokers would favor index funds at the expense of other products investors should use.
Regards,
Ted
http://www.investmentnews.com/article/20150722/FREE/150729952?template=printart

Comments

  • BobCBobC
    And we should be surprised by this? It's all about money. Even the self-proclaimed champion of individual investors, Vanguard, says it would be a problem for its people to always put the interest of their clients first. "It could hurt the consumers," they have said in another article. In other words, "always put the consumer first, except for us." In the end, there will probably still be two kinds of loyalty: one to the employee's company, the other to the client (consumer). Folks who continue to do business with those who will not provide a signed fiduciary document when asked are just asking to be screwed by conflicts of interest.
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