Labor Department issues rule to crack down on bad retirement savings advice
CNBC - 2024-04-23T17:00:04.000Z

The Biden administration issued a final "fiduciary" rule that aims to rein in conflicts of interest that officials say erode Americans' savings.

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Biden issues rule to clamp down on bad retirement savings advice
Clampdown means financial advisors must act in best interests of their clients. At current they may steer savers to products they receive a commission from. The rule applies to advisors offering an IRA rollover or annuities
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When you walk into a financial adviser’s office, you expect them to put your best interests above all else — in the same way a doctor would, rather than, say, a car salesperson. But many people don’t realize that the rules financial professionals must follow vary, depending on where they work and what products they’re selling. One of those federal regulations, which governs retirement plans, was just tightened: The Biden administration announced new rules Tuesday that will require more...
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WASHINGTON – The Biden-Harris administration announced today that the U.S. Department of Labor has finalized its Retirement Security Rule to...
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