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

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

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:


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