3ethos CEO Don Trone was quoted in Fiduciary News on the SEC's "Best Interest" standard for financial advisors.
“Both the DOL and SEC have done more harm than good,” says Don Trone, Co-founder & CEO 3ethos in Stonington, Connecticut.
“They’ve shifted the focus from guiding principles and best practices, to unrealistic rules and disclosures. One of the many unintended consequences – lawyers and compliance officers now run the financial services industry, not qualified experts. Thirty years ago when we started the fiduciary management, the singular objective was to improve the management of investment decisions. Today, the regulators have turned the movement into a political cesspool that, in turn, has attracted organizations driven solely by politics, power, ego and greed.”