Matt Levine, Columnist

Commissions and Chatbots

October 27, 2016 at 1:18 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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Commissions.

The central, awkward question in the debate about the Department of Labor's fiduciary rule for brokers who provide retirement advice is: Is bad retirement advice worse than no retirement advice? Like here is a simple hierarchy of things you could do to save for retirement, from best to worst: