WASHINGTON -- 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 here at the industry regulator's conference, 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.
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