mr. puritz, let me ask you one more question. do you think it is -- and i want to use the correct quote here -- complex and burdensome to offer advice that is in the best interests of the client as primerica claims? i didn't think so. so, frankly, the suggestion that it's too expensive to provide people with sound financial advice is ridiculous. millions of financial advisers do it every day. hard working americans like the florida firefighters and teachers who devoted their careers to protecting the public and who were targeted by primerica shouldn't have to worry about whether their financial advisers are planning to get risk by playing roulette with their commerce' retirement savings. the department of labor is working to fix its problem. thank you, mr. chairman. >> thank you, senator. mr. puritz in both your spoken testimony and your written testimony, you refer to something called a brokerage refugee. i think that someone who fled a brokerage and had a bad experience, i guess, right? okay. it was mentioned in your written te

mr. puritz. [laughter] >> thank you chairman isakson, ranking member franken, members of the subcommittee for this opportunity to provide rebalance ira's views of of the department of labor's proposed conflict of fascist rule. i am the cofounder and managing director of rebalance ira. but for mr. bush investment advisor with approximate $275 million of assets under management and reserve about 500 clients. rebalance ira israel to renew national investment advisor firm that combines top quality expert investment advisors, real human beings, with low-cost highly diversified retirement portfolios for everyday americans. our firms investing in english financial limited, a professor from princeton to unchain and -- rebalace ira embraces our fiduciary legal standards and we always put the interests of our clients front and center we provide retirement investment advice without commissions and without conflict. which makes it very easy to embrace the future standard. rebalace ira is part of a broad tren

puritz later today. he is a managing director of rebalance ira and he will be testifying. mr. pureitz offers his client custom portfolios for iras and offers one-on-one consultation all while embracing the fiduciary standard and charges some of the lowest fees in the industry. but there are also those who charge much higher fees and sometimes lower returns for the retirees and when that happens it is hard -- for working americans who are planning for retirement and they pay the price. these hard-working people shouldn't work have worry about the fact that some advisers don't have their best interest in mind. i think we can all agree to that. the department of labor's proposed conflict of interest rule seeks to address this issue. some groups are supportive of d.o.l.s rule but there are those that believe it will result in unintended consequences and that is what this hearing is about and that is why it is so important. this is a process. and we'll hear from a range of perspectives today to help us understand the benefits and short comings of the proposed rule and that is why i