October 13, 2016

Fred Reish Quoted in CNBC Regarding BIC and Effects of the New Fiduciary Rule

Los Angeles partner Fred Reish was quoted in a CNBC article titled “How the new 'fiduciary' rule will actually affect you.” Fred discusses the impending BIC (best-interest-contract) regulation, which goes into effect April 10, 2017 – and the reasonable compensation rule.

“[Under the rule], the advisor can't receive more than reasonable compensation," Fred said. "The more services he provides for the investor — if the investor wants it — the more those services are worth."

Fred notes that fees will change based on the services you seek.

"If you really need a higher cost, actively managed model, then you should ask for it," Fred said. "If you want to do the research yourself, but you want a second opinion, then that should be lower cost."

Read “How the new 'fiduciary' rule will actually affect you.”

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