We started Hardy Reed, LLC ten years ago because we believed, for the most part, the investment world did not put the client’s interest first. Ten years later the Department of Labor is saying the same thing and has issued the “Fiduciary Rule”. Anyone giving advice in the retirement plan space must put the client’s interest above their own.
This move by the Department of Labor is a big deal and will affect millions of investors in the US. Our firm has been a strong voice nationally in this debate to put the client’s interest first. This past Monday I spent the day in Washington, D.C. with Tim Hauser from the Department of Labor and other leading figures in the fiduciary debate discussing what this new rule will mean to the investment world. On Tuesday, I met with the staffs of Senator Cochran, Senator Wicker, and Congressman Kelly to help them understand what the rule means and how it will effect, not only investors, but investment companies as well.
I have never believed that our job is simply to build good portfolios for our clients. I think we have a responsibility as experts in our field to effect change in our industry that will help all investors. I believe the “Fiduciary Rule” issued by the Department of Labor is a big push in the right direction. This is not a new concept for us. We have been adhering to the Fiduciary Standard since August 18, 2006; the first day of business for Hardy Reed.