Are You a Fiduciary? The DOL says you better be!

If you have been following the proposed regulations by the current Department of Labor, you know that the DOL is going after our industry in a concerted manner. The latest video on their site, essentially says to investors, that unless your financial advisor is a fiduciary, he or she is not looking out for you. (http://www.dol.gov/featured/protectyoursavings). 

In one of those cute videos with the person drawing as the narrator tells a story, the message is that advisors are just out for themselves and trying to earn trips to Hawaii and selling you things that line their pockets. Please pay attention! There have always been attacks such as this, but we are hearing from people in Washington D.C., and broker dealer lobbying groups such as FSI, that these regulations are likely to go through before President Obama leaves office. Make no mistake, if the regs go through as proposed, it can change our entire industry; especially for those of you who chose not to become fiduciaries and take on the liability and responsibility that goes with becoming a fiduciary.

Here at MPI, we hope to keep you abreast of the progress of the proposed regulations, but we are also very interested in how advisors plan to respond to them. Please write to us with your thoughts and suggestions.