Editorial Board
Retirement Savers Are Getting Ripped Off
A new rule aims to prevent financial advisers from preying on aging Americans. It’s about time.
Watch out for sharks.
Photographer: Tim Boyle/Bloomberg
Where is the line between selling a financial product and providing investment advice? That question is at the heart of a debate over a new proposal that aims to protect Americans’ retirement savings.
Since 1975, the government has required pension fund advisers to meet a fiduciary standard, which means putting their customers’ needs first and limiting conflicts of interest. But the standard applies only to those who supply advice “on a regular basis.”