Michael Renetzky Quoted by Financial Planning on SEC Chief Calling for Action on Fiduciary Rule

Chicago’s Michael Renetzky, Partner and Co-Chair of the Firm's Corporate and Transactional Department, commented on the SEC chief calling for action on the fiduciary rule, noting that there are issues that need to be addressed, including how different standards of conduct apply to different client accounts.

Renetzky said: “This is a critical policy challenge created by the current DOL fiduciary rule, and there has already begun to be discussion by financial institutions of several proposed product and fee changes which appear to directly shift various costs from accounts subject to the rule to those not subject to the rule.”