Raymond James head says proposed rule would hurt many investors

April 23, 2015 7:38 PM

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NEW YORK, April 23 (Reuters) - Millions of investors would be dropped by their financial advisers if the U.S. Department of Labor's proposal is adopted requiring brokers who offer retirement advice to enter into "best interest" contracts, the head of Raymond James Financial said Thursday.

The DOL rule, proposed in mid-April, is intended to protect investors from being steered into high-fee products by retirement advisers who, the Labor Department said, may put profit-making ahead of the client's interests.

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