Supporters of the DOL's efforts scoffed at Reilly's note.
"This is as Orwellian as it gets," says Barbara Roper, director of investor protection with the Consumer Federation of America in Washington, D.C. "They will serve their clients best by defeating a regulation that would require them to do what's best for their clients?"
"If it is not in the best interests of customers, it's not advice, it’s a sales pitch," Roper continues. "That's what they are fighting for here, to portray themselves as advisors while they are being regulated as salespeople."
Raymond James CEO Calls on Advisors to Fight DOL Fiduciary Definition
Scott Dauenhauer CFP, MPAS, AIF