Photo courtesy of Flickr. The current debate over a proposal by the U.S. Department of Labor, which would require advisors to act as fiduciaries to the retirement plans they serve, obscures an important issue. It's bad enough that stockbrokers are resisting any regulation obliging them to put the interests of their clients above their own; it's even worse that they fail to disclose this important fact, making it appear as if they are being held to a higher standard. The real issue is the failure to disclose. It permeates the securities industry, enriching stockbrokers and the big brokerage firms that employ them while reducing the returns of their clients and harming their ability to meet...
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