How does the role of the department of the department of Labor (DOL) in the economy differ from that of the securities and exchange commission (SEC)

From the Department of Labor (DOL), Securities and Exchange Commission (SEC) Chairwoman Mary Jo White is now saying that any fiduciary standard from her organization could be different than those proposed by the DOL. White, quoted in Investment News, says of the efforts of the two agencies: "You try to make them land identically, if you can. But they're separate agencies [with] separate statutory mandates." White also indicated in the article that she supports a uniform fiduciary standard. She would have to convince at least two of her fellow commissioners on the five-person group.

Many financial advisors and financial services firms are already confused by the impact of the proposed DOL rules. Having a potential second set of rules to comply with will be difficult for many. (For more, see: What the DoL’s Fiduciary Policy Means for Advisors.)

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