Closing the Loophole That Costs People $17 Billion in Retirement Savings

We all rely on advice — from friends, family and, at times, complete strangers. Sometimes you get good advice and other times you get advice that is not in your best interest. But if you get advice from a professional like a doctor, a lawyer or a financial professional, you should be able to rely on knowing that it will always be in your best interest. Unfortunately, that is not always the case when it comes to financial advice. While …

Uncle Sam Bolsters Support of State-Sponsored Retirement Plans

The U.S. Department of Labor is paving the way for states to sponsor retirement plans for millions of private-sector workers who don’t have such programs on the job. About 68 million U.S. workers don’t have access to a 401(k) or similar workplace account, according to the Labor Department, even though studies show that employees are more likely to save for retirement if their employer offers a savings plan. More than half of the 50 states are either developing retirement savings …

Securities Arbitration Is Flawed, Investor Group Claims

Investors who bring disputes involving suspected broker misconduct, unsuitable investment advice and other complaints to arbitration may not be getting a fair resolution because the pool of arbitrators lacks diversity, according to a report released Tuesday by a group that represents claimants. Most of the arbitrators who serve the Financial Industry Regulatory Authority (FINRA), the self-regulator for the brokerage industry, are men who have a “socioeconomic status that put them out of touch with the average investor,” said the report …