Fiduciary rule is good for investors: Betterment CEO

By Krysia Lenzo

The new fiduciary rule announced Wednesday by the Department of Labor is a major coup for investors, said Jon Stein, founder and CEO of the robo-advisor Betterment.

“We support this rule for a lot of reasons. We’ve actually been engaged and involved with the Department of Labor and the OMB for awhile supporting this rule,” Stein told CNBC’s “Closing Bell” on Wednesday. “It’s an unambiguous public good. This is one of the most exciting things to happen for investors in 40 years.”

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This article originally published April 6th, 2016 on CNBC.