RIAs have long been able to portray themselves as consultative fiduciaries in contrast to product-pushing, sales guys at wirehouses and other large brokerages. But the DOL’s new fiduciary rule means that both RIAs and wirehouse advisors will be recognized as fiduciaries on retirement accounts. And in my view, soon enough, wirehouse advisors will be recognized as fiduciaries on all their accounts. If that’s the eventual outcome, it leaves one to wonder how are RIAs going to distinguish themselves from the wirehouse guys? Read my On Wall Street article to see how this is likely to play out.
Photo: Simon Whitaker