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The Fiduciary Rule: An Interview with Jon Stein

The fiduciary rule is wrongfully under fire. Betterment Founder and CEO Jon Stein joins "Better Off" this week to discuss why this rule is so important for retirement savers.

Articles by Jill Schlesinger

By Jill Schlesinger, CFP®
  |  Published: February 16, 2017

This article originally appeared on Jill Schlesinger’s LinkedIn.

A couple of weeks ago, we devoted the entire interview portion of the podcast to the hotly debated Department of Labor fiduciary rule, which was set to begin implementation on April 10. We taped that interview just days before President Trump signed a memorandum that instructs the DOL to examine the rule “to determine whether it may adversely affect the ability of Americans to gain access to retirement information and financial advice.”

In other words, the fiduciary rule could be toast. Well, not on this showit’s going to be a running theme on “Better Off” because as a CERTIFIED FINANCIAL PLANNER™, I am deeply passionate about fiduciary. So is our guest this week, Betterment Founder and CEO Jon Stein.

By now, it’s no secret that Betterment is the sponsor of “Better Off.” But that’s not the reason why we’re having Jon on today. Jon has been an industry leader on the issue of fiduciary, publishing an open letter to President Trump that voices his company’s support for the rule, and speaking out in a recent op-ed.

Jon’s take is simple and one that should resonate: U.S. investors should be able to trust that the financial advice they’re getting is in their best interest. As he stated in the letter, “Investing can be made intentionally complicated, and salesmen are clever. Left to its own devices, the investment industry for decades sold bad products to Americans.”

The good news is that Jon and I are not alone. There’s support out there from plenty of high-profile people, including U.S. Sen. Elizabeth Warren, D-Mass., who penned a letter to the DOL highlighting support for the fiduciary rule from several financial institutions, including Betterment. She said that a delay “would be a slap in the face to the companies that have invested, in good faith, for a deadline that has stood for the past yearand to the everyday worker deserving of the assurance that their retirement adviser is working in their best interest.”

Safe to say Jon and I have plenty to discuss!

Better Off” is sponsored by Betterment. For updates on the fiduciary rule process, connect with Betterment on Twitter and Facebook.

The opinions stated on the Better Off podcast are those of the host, Jill Schlesinger, and her guests, and not those of Betterment or its employees. Any third-party links provided are offered as a matter of convenience and are not intended to imply that Betterment endorses, or is affiliated with the owners of or any information contained on those sites, unless expressly stated otherwise. Listen to a preview and subscribe to “Better Off” here.

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