Cetera president blasts White House memo defending DOL fiduciary

Arguments continue on both sides about the merits of the memo and what it means for the standard's future prospects An independent broker-dealer executive Monday sharply criticized a leaked White House memo that purports to show that sales incentives for financial advisers cost retirement savers billions of dollars annually, calling it "offensive" and saying that it demonstrated "ignorance" about the role of advisers. The document "accuses all financial advisers of defrauding their clients," Adam Antoniades, president of Cetera Financial Group, told a Financial Services Institute conference audience of about 800 in San Antonio.



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