为联邦政府授权的一项法案而苦苦挣扎信托规则这将使所有对客户负责的专业财务建议的分配器都有很多挫折。With nearly the entire financial services industry against the U.S. Department of Labor’s second try at a proposal, along with opposition by most Republican legislators, some Dems and even a former DoL assistant secretary, it would seem that only a fool would bet on the fiduciary rule ever seeing the light of day. So it was with some surprise that I opened an invitation from Federated Investors to attend a one-day tutorial for financial advisers on the fiduciary rule and its likely effects on their practices. The mere fact that a day was given over to preparing 155 advisers for the coming fiduciary rule by a prominent financial services company — rather than rallying against it — seemed like a sign that the retirement industry has passed the protest stage and entered the realm of acceptance of a rule much fought over since its April 14 announcement. One thing was for sure: I was going to be at this event. Following a delightful pregame dinner the night before at the Algonquin Hotel hosted by Federated, the Pittsburgh-based investment management firm with $351 billion in assets under management, and attended by financial advisers from coast to coast, I arrived bright and early at the Princeton Club in New York for what turned out to be a two-part program formally titled “DoL’s New Definition of Fiduciary Status Under ERISA.” The morning brought lectures on fiduciary law given by two prominent law professors from Harvard and Yale. It became immediately apparent that, with the exception of the 1973 film纸张追逐它的电视连续剧的副产品，这是接近常春藤联盟法学院的课程，因为我将得到。哈佛大学教授罗伯特·西特科夫（Robert Sitkoff）健谈、口语化，被吹捧为法学院历史上最年轻的获赠主席，他打破了僵局，将“受托人”称为F字。联邦大学还获得了耶鲁大学法学院的约翰·兰拜因（John Langbein）作为美国领先的、长期从事ERISA研究的专家之一。讲座的主要收获包括Sitkoff的陈述，即确保顾问以客户的最佳利益行事的方式是通过信托法。州一级已经存在针对公司董事和受托人的此类法律。Langbein帮助起草了其中一项法律——1994年的《统一审慎投资者法》（Uniform Prudentive Investor Act of 1994）——他指出，在没有联邦法律的情况下，诉讼必须纠正金融产品销售人员的行为。然而，直到一顿饱受赞赏的强化午餐之后，火花才开始迸发。这是因为前劳工部助理部长布拉德福德·坎贝尔（Bradford Campbell，2006年至2009年）和劳工部副助理部长兼坎贝尔的前雇员蒂姆·豪瑟（Tim Hauser）依次谴责并捍卫了劳工部的新规定。当涉及到一条会颠覆世界的规则时，人们的热情高涨整个经纪业，使他们以自私自利的销售人员或受托人的身份出现在客户面前，注册投资顾问和注册财务规划师也是如此，他们遵循自己的信托标准。坎贝尔的演讲是一份详尽的清单，他估计新规则有40到50处失败。其中最关键的是金融业所信奉的一条箴言：这条规则将减少向小型退休计划和小型个人退休账户所有者提供建议的机会，或者对其他人来说，减少推销机会。原因是：当股票经纪人作为受托人不再能够通过销售产品赚钱时，他们将终止这些关系，最终使计划所有者每年损失1000亿美元。豪瑟强调，这一规则的制定是为了保护退休计划投资者免受伪装成建议的推销。据估计，糟糕的投资建议将使每位投资者损失100个基点，总计每年170亿美元。豪瑟表示：“我们希望确保，当有人转向投资专业人士时，该专业人士能为他们提供最佳利益。”。值得注意的是，坎贝尔说天没有塌下来，但最后一句话是由联邦投资者公司顾问尤金·马洛尼（Eugene Maloney）说的。他的结论是：“对一个正在形成的行业实施规则和监管将是破坏性的，但这是可以管理的。”
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