Robots have invaded the world of financial advising. Today hundreds of online programs are available, promising sage retirement and financial investment advice at the click of a button.
That brings us to our first question: What Is a Robo-Advisor?
Woodstock Institute celebrated victory in the successful defense of Consumer Financial Protection Bureau’s (CFPB) rule on prepaid cards against a repeal effort by Georgia Senator David Perdue. Sen. Perdue had attempted to do away with CFPB’s finalized prepaid rule through the Congressional Review Act, a law which enables Congress to roll back federal regulations.
On March 2 the Department of Labor published a proposed rule to delay for 60 days the implementation of its fiduciary rule. Woodstock has written frequently on this essential rule (see most recently our article on February 9, 2017), which requires investment advisors to put first the interests of customers rather than provide conflicted advice to make bigger commissions and profits for advisors. If the rule becomes effective, it will provide a crucial safeguard for the millions of Americans who put their trust in investment advisers as they save for retirement.