Department of Labor Reveals Its Pick For Top Financial Advisor

Secretary Tom Perez, Department of Labor, loves the robo advisors

Secretary Tom Perez, Department of Labor, loves the robo advisors

While the Department of Labor is busy trashing financial advisors as self-dealing hucksters who menace the retirement security of middle class Americans, Secretary Tom Perez has made it clear which advisors he holds in the highest esteem.

First, the DOL head has stated that he agrees with a White House assessment calling the retirement-savings system “conflicted” and is costing investors $17 billion in unnecessary fees annually. As a result DOL Secretary Tom Perez is supporting a move to create a  fiduciary  standard for advisors who handle  even small retirement accounts.

According to Mr. Perez, it’s robo advisors, the purveyors algorithm-driven passive management who are really the good guys in white hats.

Mr. Perez uses Wealthfront as an example of a company that acts in the best interests of its clients while providing low-cost advice to investors with modest assets.

DOL Secretary Perez Perez touts Wealthfront as a paragon of Low-Cost, fiduciary advice.

Now at least real financial advisors know what they’re  up against.

About Mark Elzweig

I am an executive search recruiter with an inside track on financial advisors, the asset management industry, and Wall Street. My work has appeared in numerous publications including On Wall Street,AdvisorOne, and Fund Fire. Journalists regularly seek me out, so you catch my bon mots in The Wall Street Journal, Research Magazine, Reuters, and more. You can follow me on Twitter @elzweig or you can reach me directly at 212-685-7070 or
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