The debate over the Labor Department's proposed rule to raise investment advice standards for retirement accounts created an entertaining fight on twitter. The battle pits brokers, who charge commissions on retirement accounts, against investment advisers, who charge a fee based on assets under management.
One widely followed radio show host's opposition to the Labor Department's proposed rule to raise investment advice standards for retirement accounts sparked backlash from investment advisers on Monday. Dave Ramsey, the founder of Ramsey Solutions and host of "The Dave Ramsey Show," criticized the measure from President Barack Obama's administration, implying it would raise advice costs and price out savers with modest accounts. “This Obama rule will kill the middle class and below['s] ability to access personal advice,” Mr. Ramsey wrote in his tweet.