Secretary of Labor Perez Showcases Rebalance in keynote speech:
“If I had cancer and went to the doctor, I don’t want my doctor telling me what’s suitable; I want her to tell me what is going to save my life, what is going to give me the best chance to win. But financial advisors are not under that obligation, they can steer you toward more complicated investment instruments with higher fees that are great for the advisor at the expense of the customer.
Scott Puritz, he is the Managing Director of a firm that we met in the course of our outreach, called Rebalance. And they already adhere to the fiduciary standard. And he said to me, that more than 30% of his client base is what he called “brokerage refugees.” That is not my term, that was his term. Clients who were shocked when they came to him to find out that their trusted retirement advisor doesn’t have a fiduciary obligation. And shocked to find out the amount of leakage… leakage is a fancy term for loss… that they incurred. And this broken system allows this to happen.”