3ethos CEO Don Trone wrote an article how fiduciary rules are creating more problems and should be viewed more as 'fiduciary folly.'
The fiduciary movement has been active for more than 30 years. During that time leaders have been focused on defining fiduciary best practices that could be used to outline a professional standard of care. The new DOL regulations now define “fiduciary” in terms of a de minimis standard — the minimum standard of care that must be met in order for an advisor to provide services to a retirement saver.
Sadly, there is nothing inspiring or engaging about being a fiduciary under the rule of the DOL.