Yesterday was the due date for comments on a rule proposed by the U.S. Department of Labor that would protect people with 401(k)s and IRAs from conflicts of interest in the financial services industry.
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.
At AARP, we know that the people we represent have worked hard to save for retirement, and we believe that they deserve to have financial advisers who work just as hard to protect and grow their savings.
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?
If you have a 401(k) or other retirement plan, you may be waiting even longer before new government standards are imposed that require your financial adviser to act in your best interest.
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