President Barack Obama directed the Department of Labor to move ahead with a proposal that would raise investment-advice standards for brokers handling retirement accounts. Susan Axelrod, EVP, of Regulatory Operations for FINRA, says that there will certainly be more of a debate around this topic. FINRA’s role is centered on investor protection and a uniform fiduciary standard for broker-dealers and investment advisers. There are different business models in the industry and those models can be appropriate depending on your circumstances, which will determine fee structures. Axelrod says it is always important to ask about fees and commissions for a particular investment and if a broker is strongly pushing a proprietary product.
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