The Battle for Fiduciary Standards in Massachusetts
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On May 3, the Massachusetts Supreme Judicial Court heard arguments on whether Massachusetts citizens will get a state-level fiduciary rule. The Fiduciary Institute submitted an amicus brief that said, emphatically, “Yes!”
This is why.
For decades, policymakers have been concerned about how conflicted investment advice affects Americans’ retirement savings. In 2016, the Obama-era Council of Economic Advisors conservatively estimated that conflicted advice costs American families $17 billion a year. In 2017, the Economic Policy Institute pegged the cost for Massachusetts at $491 million a year.