Vanguard Proposes Revisions, Further Delay of DOL Rule

One of the biggest proponents of best-interest advice and low-cost investing is of two minds on a currently delayed fiduciary regulation

In a letter sent Monday to the U.S. Department of Labor and signed by Chairman and CEO Bill McNabb, Vanguard weighed in on the review and delay of the fiduciary rule to argue that the rules best-interest standards should be modified to address concerns about access to retirement and investment advice, and that the rule’s delay should be extended to allow for analysis and revisions.

“We believe that the rule as drafted harms investors through reduced access to products, information and advice, and is likely to unnecessarily increase litigation and cost to investors seeking retirement services,” wrote McNabb.

Long in the making, the DOL’s regulation would more broadly define fiduciary advice and apply more stringent standards of best interest across retirement investment recommendations.

from FA News http://www.fa-mag.com/news/vanguard-proposes-revisions–further-delay-of-dol-rule-32356.html

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