SIFMA Suggests The Labor Department Rethink Its Fiduciary Rules Hot
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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represents broker-dealers -- suggests that the latest regs on advisors who work with retirement accounts "must be withdrawn and re-proposed" to make exemptions for commission-based advisors.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?
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