Having made its case on the topic of whether brokers should be given the same fiduciary responsibility as RIA reps, lobbying group SIFMA is now sparing few niceties blasting the Labor Department's fiduciary rules.
The group -- which largely represents broker-dealers -- suggests that the latest regs on advisors who work with retirement accounts "must be withdrawn and re-proposed" to make exemptions for commission-based advisors.
Ken Bentsen of SIFMA warned a House panel that failure to make an exemption would put 7 million relatively small IRA accounts that are currently managed on a commission basis at risk.
He says advisors will dump these clients as no longer worth the effort.
One question: if the commission streams on an IRA with $5,000 in it are currently attractive, how much are these accounts trading?