BlackRock, Vanguard, Fidelity push back on DOL fiduciary
BlackRock says rule favors index funds, Vanguard finds 'serious problems' and Fidelity wants proposal simplified.
The world's largest money manager said the government's effort to protect retirement savers from excessive fees and unscrupulous brokers would favor index funds at the expense of other products investors should use.
BlackRock Inc.'s views, outlined in a letter sent to the Labor Department Tuesday, a
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