Obama Backs Tougher Rules for Brokers on Retirement Funds
The plan would require brokers to act in a customer’s best interest, a change that could limit the earnings of financial advisers.
U.S. President Barack Obama speaks during the General Session of the 2015 DNC Winter Meeting February 20, 2015 in Washington, DC.
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President Barack Obama threw the weight of the White House behind an effort that would make it harder for brokers to push higher-fee mutual funds or other expensive products on people saving for retirement.
The plan to be issued by the Labor Department would require brokers to act in a customer’s best interest, a change that could limit the earnings of financial advisers in the handling of Americans’ $11 trillion of retirement savings.