The Department of Labors proposed fiduciary rule is meant to align the best interests of the customer with the goals of the adviser and his or her brokerage, Phyllis Borzi, assistant secretary of the Employee Benefits Security Administration of the DOL, said this morning during the first of a series of public hearings being held this week on the rule. But while some industry stakeholders testified the rules requirements are feasible, many advisers and industry groups said they are impractical and the rule all but eliminates adviser interests.
See also: Fiduciary advocates, critics clash as DOL hearings kick off
