Money Magazine put John Oliver on its cover last month, declaring him the year’s “Money Champion.” and Gary Shedlin, the CFO of BlackRock said at a conference recently “I personally don't think you can put the genie back in the bottle".
Wall Street is already spending millions of dollars overhauling procedures and creating new products that are easier to sell under the new rules. JPMorgan Chase and Bank of America’s Merrill Lynch both announced they'd stop charging commissions on individual retirement accounts. Insurance companies are creating new, DOL-compliant products, as sales of variable annuities, frequently criticized by experts for high fees, plunge. “I personally don't think you can put the genie back in the bottle,” Gary Shedlin, the chief financial officer of BlackRock, the largest asset manager in the world, said last month at a conference. His firm, and others, should ultimately benefit from the rule, Shedlin said, because “a better ecosystem for the end client will ultimately result in people feeling more comfortable to put money to work.”