Sunday, December 25, 2016
How Trump could save thousands of jobs as president
At NYPOST by John Aidan Byrne
-- President-elect Donald Trump, has a huge “conflict of interest” on Wall Street.
And unless he moves fast to rip up a new Department of Labor regulation, popularly referred to the conflict of interest rule, it could cost tens of thousands of industry jobs, and spur a wave of consolidation among brokerages hampered by compliance costs, according to numerous experts.
More than 300,000 professional jobs in the US alone, excluding ancillary support staff, are part of this vulnerable industry, which handles trillions of dollars in retirement accounts and insurance products.
And many of these financial pros are likely to quit as their commissions — singled out for reform — evaporate or take a nosedive, experts predict.
The regulation, called the Fiduciary Rule, is ostensibly aimed at protecting the best interests of customers with savings in 401(k) plan assets, individual retirement accounts or other qualified funds.