, Columnist
Fiduciary Rule Critics Cry Wolf
Claims about higher costs are spurious, and no one needs another mutual fund that can't beat the S&P 500.
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It’s early days for the Department of Labor’s fiduciary rule, but its critics are already wagging their fingers and saying “we told you so.”
The main thrust of the rule -- the requirement that brokers put their clients’ interests ahead of their own when handling retirement accounts -- took effect on June 9. Money managers must comply with the rule’s remaining requirements by Jan. 1, 2018, although the Labor Department sought last week to extend that compliance deadline to July 1, 2019, presumably to consider revisions to the rule.