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Finally, Acting in Clients' Best Interest is Now the Law

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Today the Department of Labor proposed a rule that requires financial advisors to provide retirement advice in their clients' best interest under a fiduciary standard.

At Halpern Financial, this is simply business as usual. We are committed to putting our clients first, and we have been operating under a fiduciary standard for over 20 years. We made this commitment voluntarily and have always held the fiduciary standard as a core principle of how we conduct business.

Following our fiduciary oath means we shall: 

  • Always act in our clients' best interest with good faith and candor.
  • Be proactive in disclosing any conflicts of interest that may impact a client.
  • Be completely transparent about our fee structure.
  • Not receive compensation contingent upon the purchase or sale of a financial product.
This ruling was intended to curtail financial advisors who put their own financial benefit (via commissions, hidden fees, etc.) above what was truly in the client's best interest. These conflicts of interest lead, on average, to about 1 percentage point lower annual returns on retirement savings and $17 billion of losses every year. Although it will take some time to fully understand all the implications of this 400+ page ruling, we are very pleased to see the country move in a direction that protects individual investors from these harmful practices.

If you would like to learn more about the Department of Labor's ruling, we would like to provide you with a few helpful resources:

IMPORTANT DISCLOSURE INFORMATION

 Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Halpern Financial, Inc.), or any non-investment related content, made reference to directly or indirectly in this blog will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog serves as the receipt of, or as a substitute for, personalized investment advice from Halpern Financial, Inc.. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. Halpern Financial, Inc. is neither a law firm nor a certified public accounting firm and no portion of the blog content should be construed as legal or accounting advice. A copy of the Halpern Financial, Inc.’s current written disclosure statement discussing our advisory services and fees is available for review upon request.


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