New York City’s Rent Freeze Program (RFP) freezes the rents paid by lower-income elderly and disabled rent-regulated tenants—in many cases for decades—and provides landlords with tax credits to cover the portion of the legal regulated rent not being paid by the tenant.
Rule Might Limit Advice
|Professor Elizabeth Goldman|
July 2016, Consumers Digest - In April 2016, Department of Labor ruled that financial advisers who oversee certain retirement accounts must abide by the fiduciary standard when they provide guidance. Although we believe that consumers benefit when financial advisers abide by the fiduciary standard, the rule, which will take effect in 2018, might limit the advice that you receive, experts tell us.
The fiduciary standard simply means that a “fiduciary” will act in his/her client’s best interest rather than in the adviser’s or his/her company’s best interest. Department of Labor considers a “fiduciary” to be anyone who receives compensation to provide financial advice.
However, some financial advisers might require a minimum balance before they provide advice, two experts tell us. “Some firms may conclude that handling smaller accounts may no longer be profitable,” says Elizabeth Goldman of Benjamin N. Cardozo School of Law at Yeshiva University.