President Barack Obama first proposed the new fiduciary rule in April 2015 that could mean trouble for financial talk show superstars such as Dave Ramsey, Suze Orman and Jim Cramer. It requires them to be regulated by the government based on the money advice they give to their audience. The new law could take effect next month makes these financial talk show hosts to disclose more on third-party compensations. “Under the proposed regulation, investment advice from a radio host to a caller regarding the caller’s own investment issues would appear to be fiduciary advice if the advice addresses specific investments,” said Kent Mason, a partner in the Washington law firm of Davis & Harman. The new law covers the compensation from these hosts’ stations and book publishers to stop “backdoor payments and hidden fees” to financial advisors who could be facing a conflict of interest. (theblaze.com)
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