If the Department of Labor's proposal to impose new fiduciary responsibilities on advisors in the retirement space becomes rule, many financial professionals fearing legal liability could abandon that market altogether, and cut off services to low- and middle-income investors, according to FINRA chief Richard Ketchum.

In a speech at the industry regulator's conference in Washington, D.C., Ketchum warned that the DOL's fiduciary proposal comes with inadequate guidance to help firms navigate conflicts and ensure that they are engaging in appropriate compensation models when serving retirement plans or individual investors.

Register or login for access to this item and much more

All Employee Benefit Adviser content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access