Financial advisers would have to adhere to more stringent standards when giving advice on 401(k) plans, IRAs and other retirement accounts under a rule proposed Tuesday by the U.S. Department of Labor.
Public interest groups have joined forces in a coalition to prod the U.S. Department of Labor to revise rules requiring financial advisers to act in their clients’ best interests when offering retirement investment advice.
Investors are generally advised to check the background of brokers or other financial professionals before doing business with them. Yet, how many of us really do that, even though it could protect our life savings?
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