The Sustainability of the Department of Labor (DoL) Fiduciary Rule

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Gitterman Wealth Management (GWM) is an SEC registered investment advisory firm, obligated to operate as a fiduciary by acting in our clients’ best interests.

Fiduciaries are held to this higher standard versus Broker-dealers, who may sell products to their clients which are deemed “suitable” for them, but not necessarily in their best interest.

Recent executive action by the Trump administration seeks to postpone the implementation of a fiduciary standard for all retirement investment accounts under the Dept. of Labor (DoL) fiduciary rule.

Doing so could eliminate the implementation of the higher standard of care required of all financial advisors under the rule which was scheduled to go into effect April 10, 2017.

After investors experienced the loss of trillions in retirement investment account values in 2008, however, the DoL fiduciary rule was one of several regulatory protections put in place specifically for the purpose of more transparency related to a client’s retirement investment risk/reward selection process.

Some of the world’s largest asset managers and broker-dealers are continuing to support the transition to a fiduciary standard regardless of the recent Trump administration executive action.

For GWM, however, our fiduciary standard of professional behavior is already embedded throughout every part of the client relationship. We take a holistic view of our clients’ needs and put the appropriate plans in place to mitigate risk and fees, while optimizing our clients’ chances for success.

Our focus has always been and will continue to be on the long-term interests of our clients.

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Author Paul Ellis

Paul has been a certified financial planner for 26 years and was a franchise advisor with Amerirprise for 23 years. Over the past 15 years Paul has become a nationally recognized expert on sustainable investing. He has established a wide-ranging and deep network within the sustainable investment community, and is regularly called upon to provide the financial advisor’s perspective on investor relations.

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