The Department of Labor this week came out with its fiduciary rule proposal, one that would require any advisor who works with a plan sponsor, a participant in a retirement plan, or an IRA owner to act in the best interest of that client. InvestmentNews quotes DOL Secretary Thomas Perez as saying, “The rule is intended to provide guardrails but not straightjackets” for advisors. Read more below. Also, the SEC’s Investor Advisory Committee has recommended establishing a consolidated database of professional and disciplinary information on a variety of financial professionals, registered and unregistered. The recommendation relates to concerns regarding the financial abuse of elders. Details are in a story at Financial Planning, below.