Nir Kaissar, Columnist

The SEC Just Did Brokers a Huge Favor

Proposed standards, stopping short of a fiduciary rule, let them keep raking in fees.

April 20, 2018 at 1:35 PM UTC

Nir Kaissar is a Bloomberg Opinion columnist covering markets. He is the founder of Unison Advisors, an asset management firm.

Jay Clayton, chairman of U.S. Securities and Exchange Commission

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The Securities and Exchange Commission just threw brokers a lifeline. They should grab it.

Brokers’ troubles began in April 2015, when the Department of Labor first proposed its so-called fiduciary rule. The rule, which was issued a year later, requires brokers to act as, well, fiduciaries -- or to put their clients’ interests ahead of their own -- when handling retirement accounts.