How Convenient: DOL Rule May Remove Financial Advice From Airwaves

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Riddick
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How Convenient: DOL Rule May Remove Financial Advice From Airwaves

Post by Riddick » 03-07-2016 05:44 PM

Score another blow for (allegedly) "unintended consequences."

One side effect of a proposed 33-page rule applying to investment advisers emanating from the Department of Labor is, it could mark the beginning of the end of financial talk radio and TV broadcasts.

Since such programs tend to lean center-right it seems mighty convenient for the government and its regulatory army that the press, particularly the Associated Press, has paid no visible attention to this apparently imminent rule.

DOL's rule, once in effect, would require advisers to act in their clients' "best interests," a stricter standard than the current requirement that they place their clients in "suitable" investments.

The rule's detailed language causes anyone providing "investment advice" to an individual or family — including a talk radio host discussing financial matters with a caller — to be vulnerable to conflict of interest allegations.

So, apart from the talk radio issue, I guess advisers looking for clients will now have to tape and archive every presentation, prospective client meeting and phone discussion to protect themselves against anyone who claims that they gave specific financial advice. Lord have mercy.

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