For decades, broker dealers and financial advisors were only required to uphold their “fiduciary duty” toward client-investors. Now the US Department of Labor and FINRA are working together to enforce a higher standard of care - the "best interest standard." But is it really a higher standard?
Widely considered one of the most pressing problems of our times, elder abuse and particularly elderly financial abuse have received national attention, thanks to initiatives by the Department of Health, the Department of Labor, and the Obama Administration. These agencies have focused on the loss of billions of dollars per year in retirement savings among not just millionaires but ordinary hard-working and retired Americans.