The Securities Industry and Financial Markets Association (SIFMA) – which boasts that it is the “voice of the U.S. securities industry, representing broker-dealers,” Wall Street banks, and others – has relentlessly worked to delay, derail, and kill the Department of Labor’s (DOL) proposed rule to require that the clients’ best interest be put first and foremost. SIFMA’s spin is little more than a sophisticated misinformation campaign, apparently designed more to mislead than to inform. That should be no surprise to anyone: SIFMA works for its members (i.e., brokers, financial advisors, Wall Street’s biggest banks, etc.), and they stand to lose tens of billions of dollars if they have to put their clients’ interests above their own economic interests. Let us set the record straight.
August 10, 2015
Fact Sheet: Don’t Fall for SIFMA’s Spin Campaign