Financial Planning Coalition Argues For DOL Fiduciary Rule

By Martin O'Sullivan (August 31, 2016, 5:58 PM EDT) -- A coalition of financial planning industry groups urged a Texas federal judge Wednesday to end a challenge to a U.S. Department of Labor rule that requires more retirement account advisers to act in their clients' best interests, saying the regulation will not harm the industry.

The Financial Planning Coalition said the U.S. Chamber of Commerce and other business groups should be denied their July bid for judgment to set aside the fiduciary rule, which was unveiled in April. The FPC said one of its member organizations "thrived" while working under an internal fiduciary rule similar to the Labor Department's new standard....

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