The title of Fred Schwed’s seminal classic “Where Are the Customers’ Yachts?” says a lot about Wall Street.
The general trope about Wall Street is that investment managers are out for themselves and get rich off their customers who earn far less in returns. And for the most part, Schweb’s book and that general attitude about the street is correct.
So after years of this, the federal government said enough is enough and put in place various provisions to safeguard investors, especially when it came to their retirement savings. Dubbed the fiduciary rule, the law and the piece of regulation have the potential to upend the advice game on Wall Street.
It’s also being fought tooth and nail by many insiders and investment pundits.
No matter what the official outcome of the rule is, the cat is already out of the bag and the investment world will never be the same again.
Click here to read about what the DOL’s Fiduciary Rule means for you.