Despite the news that advisers may not be legally required to provide advice that benefits their clients more than themselves (in the form of commissions and kickbacks) we’ve seen a lot of good come from the fiduciary rule already.
These are the four major benefits we’ve seen:
1. Many major investment companies are making changes to their fee structure. Several of them have said they will maintain these changes even if the rule is postponed.
Take a look at the following list of brokers who are changing their practice whether or not the Fiduciary Rule goes through:
2. Investors are taking the time to educate themselves rather than blindly trust their advisers.
The following two articles are great examples of how investors are educating and empowering themselves to work with fiduciaries rather than commission based advisers.
3. Outlets are providing more and more education for investors.
Individuals are encouraged to arms themselves with information rather than trusting their adviser is always putting their best interests first:
4. Hundreds of advisers are coming out of the woodwork to declare themselves “Fee Only” and “Fiduciaries” whether or not the rule goes into place.
As new information pours in daily, we’ll continue to do our part to defend the Fiduciary Rule and fight for applicability.
Don’t forget, there is still hope! This was definitely our favorite headline from last week: