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NextCapital's CEO Rob Foregger claims that the Department of Labor's fiduciary rule is basically asking advisors to question if they would provide their own service to their mother. The company is wagering that managed accounts will be the vehicle to transition the industry into the post DOL-rule realm, and see's itself representing the next evolution of such managed accounts. Both in the extent of it's specialized advice and cost to investors.
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“Truly holistic advice has to involve more than just asset allocation,” says Foregger. “Much of what the DOL intended with its rule was to move the responsibility of managing individuals’ retirement outcomes back to investment professionals, as used to be the case with defined benefit plans.”
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