Advisers can keep their “conflicted” commissions, but it’s time to stop harming clients by depleting their retirement savings, says the chairman of the Labor Department’s hearings on its proposed fiduciary rule.
The agency wants a fundamental shift in Wall Street culture and sees a “best interest contract” as a way to reduce investor harm, says Timothy Hauser, a Labor deputy assistant secretary, in an exclusive interview with Financial Planning, a SourceMedia publication. This shift would permit advisors to continue receiving “conflicted” streams of income like commissions.
