HONOLULU (HawaiiNewsNow) - The Labor Department wants your financial advisor to be required to act in your best interests. The House has voted to kill a proposed rule to that effect. Tennessee Congressman Phil Roe says the cost of complying will make financial advice cost more. And that, he argues, will put such advice beyond the means of the poor. As it stands now, financial advisors who love the poor can make more of them. They're required to recommend investments that will benefit their clients, but they're NOT required to offer the BEST option. Which means they can recommend something which isn't the best option for the customers but earns better fees for themselves.
Leaving aside the poor, because this was never really about the poor to begin with, what the House has really done is take sides for the big Wall Street financial firms, while taking sides against the mostly affluent people who rely on financial advisors.