Department of Labor Fiduciary Standard and Financial Industry

financial planning: Because of a raft of emerging forces, the Obama administration newly-proposed Department of Labor Fiduciary Standard will be the start of a battle that will reshape the U.S. pension industry and the landscape of the financial industry overall, according to CNN. The rule mandates that retirement advisers offering financial planning advice always act in the best interests of their client. However, what ticking loudest currently is not government debt but private pensions. Andrew Scott The financial industry has made its objections to the rule, which they say will raise costs and making getting good advice harder for the middle class, part of public debate since its inception. Today, around 72,000 people over 100 years of age live in the United States, but if current trends continue, that number will reach approximately 1 million by 2050. But this urgent question has been less discussed: why is this new rule such an explosive demographic threat The first answer is longevity trends, which all indicate that many more people are living longer and will continue to do so. (news.financializer.com). As reported in the news.